0000950170-22-008732 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	May 05, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	AVIR
Entity Registrant Name	ATEA PHARMACEUTICALS, INC.
Entity Central Index Key	0001593899
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		83,257,591
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-39661
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0574869
Entity Address, Address Line One	225 Franklin Street
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	857
Local Phone Number	284-8891
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Former Address
Document Information [Line Items]
Entity Address, Address Line One	125 Summer Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 705,545	$ 764,375
Prepaid expenses and other current assets	7,687	8,028
Total current assets	713,232	772,403
Property and equipment, net	762	23
Restricted cash	305	305
Operating lease right-of-use assets, net	2,890	161
Total assets	717,189	772,892
Current liabilities
Accounts payable	3,657	4,534
Accrued expenses and other current liabilities	24,840	52,152
Current portion of operating lease liabilities	113	197
Total current liabilities	28,610	56,883
Operating lease liabilities	2,763
Income taxes payable	5,932	5,932
Total liabilities	37,305	62,815
Commitments and contingencies (see Note 11)
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022, and December 31, 2021
Common stock, $0.001 par value; 300,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 83,257,591 and 83,102,730 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	83	83
Additional paid-in capital	665,848	653,964
Retained earnings	13,953	56,030
Total stockholders’ equity	679,884	710,077
Total liabilities and stockholders’ equity	$ 717,189	$ 772,892

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	83,257,591	83,102,730
Common stock, shares outstanding	83,257,591	83,102,730

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Collaboration revenue		$ 65,985
Operating expenses
Research and development	$ 29,633	26,571
General and administrative	12,542	8,759
Total operating expenses	42,175	35,330
Income (loss) from operations	(42,175)	30,655
Interest income and other, net	98	58
Income (loss) before income taxes	(42,077)	30,713
Net income (loss) and comprehensive income (loss)	$ (42,077)	$ 30,713
Net income (loss) per share attributable to common stockholders
Basic	$ (0.51)	$ 0.37
Diluted	$ (0.51)	$ 0.34
Weighted-average common shares outstanding
Basic	83,176,408	82,577,836
Diluted	83,176,408	89,099,075

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earning/ (Accumulated Deficit)
Balance at Dec. 31, 2020	$ 547,801	$ 82	$ 612,879	$ (65,160)
Balance, shares at Dec. 31, 2020		82,436,937
Issuance of common stock upon exercise of stock options	471	$ 1	470
Issuance of common stock upon exercise of stock options, shares		300,000
Stock-based compensation expense	7,273		7,273
Net income (loss)	30,713			30,713
Balance at Mar. 31, 2021	586,258	$ 83	620,622	(34,447)
Balance, shares at Mar. 31, 2021		82,736,937
Balance at Dec. 31, 2021	710,077	$ 83	653,964	56,030
Balance, shares at Dec. 31, 2021		83,102,730
Issuance of common stock upon exercise of stock options	223		223
Issuance of common stock upon exercise of stock options, shares		154,861
Stock-based compensation expense	11,661		11,661
Net income (loss)	(42,077)			(42,077)
Balance at Mar. 31, 2022	$ 679,884	$ 83	$ 665,848	$ 13,953
Balance, shares at Mar. 31, 2022		83,257,591

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income (loss)	$ (42,077)	$ 30,713
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation expense	11,661	7,273
Non-cash lease expense	16
Depreciation and amortization expense	7	7
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	275	1,151
Other assets		(356)
Accounts payable	(877)	3,732
Accrued expenses and other liabilities	(28,014)	6,628
Deferred revenue		(65,985)
Net cash used in operating activities	(59,009)	(16,837)
Cash flows from investing activities
Additions to property and equipment	(44)
Net cash used in investing activities	(44)
Cash flows from financing activities
Proceeds from issuance of common stock for exercise of stock options	223	471
Net cash provided by financing activities	223	471
Net increase (decrease) in cash, cash equivalents and restricted cash	(58,830)	(16,366)
Cash, cash equivalents and restricted cash at the beginning of period	764,680	850,224
Cash, cash equivalents and restricted cash at the end of period	705,850	833,858
Cash, cash equivalents and restricted cash at the end of period:
Cash and cash equivalents	705,545	833,751
Restricted cash	305	107
Cash, cash equivalents and restricted cash at the end of period	705,850	$ 833,858
Supplemental disclosure of noncash financing activities
Property and equipment purchases unpaid at period end	702
Right of use assets obtained in exchange for operating lease liabilities	$ 2,938

Nature of Business

3 Months Ended

Mar. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of Business

1. Nature of Business

Background

Atea Pharmaceuticals, Inc., together with its subsidiary Atea Pharmaceuticals Securities Corporation, is referred to on a consolidated basis as “the Company”.

The Company is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing antiviral therapeutics to improve the lives of patients suffering from severe viral infections.

Risks and Uncertainties

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 discover and 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 will require significant amounts of additional capital, additional research and development efforts, including extensive preclinical and clinical testing and 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 or be able to sustain profitability. 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 is also subject to risks associated with the COVID-19 global pandemic, including actual and potential delays associated with certain of its ongoing and anticipated trials, and potential negative impacts on the Company’s business operations and its ability to raise additional capital to finance 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 believes that its cash and cash equivalents of $705,545 as of March 31, 2022 will be sufficient to fund its operations as currently planned through at least twelve months from the issuance of this Quarterly Report on Form 10-Q.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) as found in the Accounting Standards Codification (“ASC”), Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such SEC rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2022. Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of March 31, 2022, the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2022 and 2021, and the condensed consolidated statements of cash flows for the three months ended March 31, 2022 and 2021 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2022, the results of its operations for the three months ended March 31, 2022 and 2021 and its cash flows for the three months ended March 31, 2022 and 2021. The results for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, or any other interim period. Use of Estimates The preparation of unaudited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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 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 they become known. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Atea Pharmaceuticals, Inc. and its wholly owned subsidiary, Atea Pharmaceuticals Securities Corporation. All intercompany amounts have been eliminated in consolidation. Significant Accounting Policies There were no changes in the Company’s significant accounting policies as described in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022. Reclassification Certain items in the prior year’s condensed consolidated financial statements have been reclassified to conform to the current presentation. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards have or may have a material impact on its consolidated financial statements and disclosures.

Collaboration Revenue

3 Months Ended

Mar. 31, 2022

Revenue From Contract With Customer [Abstract]

Collaboration Revenue

3. Collaboration Revenue

Background

In October 2020, the Company entered into a License Agreement (the “Roche License Agreement”) with F. Hoffmann-LaRoche Ltd. and Genentech, Inc. (together, “Roche”) under which the Company granted an exclusive license for certain development and commercialization rights related to bemnifosbuvir outside of the United States (other than for certain HCV uses) to Roche.

On November 12, 2021, Roche provided the Company with a notice of termination of the Roche License Agreement. Under the terms of the Roche License Agreement, the termination was effective in February 2022. Upon termination, the rights and licenses granted by the Company to Roche under the Roche License Agreement were returned to the Company, resulting in the Company having all rights to continue the clinical development

and future commercialization of bemnifosbuvir worldwide. Global development plan activities and related cost sharing between the parties continued through the effective date of the termination.

The Company concluded that the notice of termination represented a contract modification for accounting purposes. The Company further concluded that upon receipt of the notice of termination, all of the Company's performance obligations had been completely satisfied. As a result, the Company recognized all remaining deferred revenue as collaboration revenue within the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2021.

The Company classified all revenues recognized under the Roche License Agreement as collaboration revenue within the accompanying consolidated statements of operations and comprehensive income (loss). For the three months ended March 31, 2021, the Company recognized collaboration revenue of $65,985 related to the Roche License Agreement.

The activities to complete the global development plan were accounted for under ASC 808. Expenses incurred and reimbursements made or received from Roche were accounted for pursuant to ASC 730, Research and Development. As such, the Company was expensing costs as incurred, including any reimbursements made to Roche, and recognizing reimbursement received from Roche as a reduction of research and development expense through the effective date of the termination.

For the three months ended March 31, 2022 and 2021, costs reimbursable by Roche, which are reflected as a reduction to operating expenses were $845 and $3,419, respectively. The Company recorded research and development expense of $9,578 and $14,517 during the three months ended March 31, 2022 and 2021, respectively, related to its share of costs incurred by Roche. As of March 31, 2022 and December 31, 2021, the Company recorded accrued expenses of $8,733 and $10,417, respectively, related to amounts payable to Roche pursuant to the cost share agreement.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:


	Fair Value Measurements as of March 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	656,853	$	—	$	—	$	656,853
Total cash equivalents	$	656,853	$	—	$	—	$	656,853


	Fair Value Measurements as of December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	731,767	$	—	$	—	$	731,767
Total cash equivalents	$	731,767	$	—	$	—	$	731,767

The Company’s assets with fair value categorized as Level 1 within the fair value hierarchy include money market funds. Money market funds are publicly traded mutual funds and are presented as cash equivalents on the unaudited condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021.

There were no transfers among Level 1, Level 2 or Level 3 categories in the three months ended March 31, 2022 and 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2022

Payables And Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

5. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	March 31, 2022		December 31, 2021
Research and development, including manufacturing and clinical expenditures	$	17,280	$	18,080
License fee		-		25,000
Income taxes		2,572		2,572
Payroll and payroll related		1,914		4,209
Professional fees and other		3,074		2,291
Total accrued expenses and other current liabilities	$	24,840	$	52,152

Common Stock

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Common Stock

6. Common Stock

At March 31, 2022, the authorized capital of the Company included 300,000,000 shares of common stock, of which 83,257,591 shares of common stock were issued and outstanding. On all matters to be voted upon by the holders of common stock, holders of common stock are entitled to one vote per share. The holders of common stock have no preemptive, redemption or conversion rights.

Stock-based Compensation

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

7. Stock-based Compensation

In October 2020, the Company’s stockholders approved the Company’s 2020 Incentive Award Plan (the “2020 Plan”). The 2020 Plan provided for the initial issuance of up to 7,924,000 shares of common stock and for grant of incentive stock options or other incentive awards to employees, officers, directors and consultants of the Company. The number of shares of common stock that may be issued under the 2020 Plan is also subject to increase on the first day of each calendar year equal to the lesser of i) 5% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year or ii) such smaller number of shares of common stock as is determined by the board of directors. In January 2022 and 2021, the shares of common stock available for issuance under the 2020 Plan were increased by 4,155,136 and 4,130,847 shares, respectively.

The 2020 Plan replaced and is the successor of the 2013 Equity Incentive Plan, as amended (the “2013 Plan”). Any cancellation of outstanding option awards to purchase up to 5,982,266 shares of common stock under the 2013 Plan will be made available for grant under 2020 Plan.

As of March 31, 2022 there were 8,373,712 shares of common stock remaining available for future issuance under the 2020 Plan.

Stock Options

During the three months ended March 31, 2022 and 2021, the Company granted 2,900,833 and 2,212,250 options, respectively, to employees with an aggregate grant date fair market value of $14,811 and $112,471, respectively.

Restricted Stock Units

During the three months ended March 31, 2022, the Company granted 182,350 restricted stock units, to employees with an aggregate grant date fair market value of $1,302. No restricted units were granted during the three months ended March 31, 2021. The restricted stock unit awards vest in three annual installments, the first of which will occur on January 31, 2023.

Performance-based Restricted Stock Units

During the three months ended March 31, 2022, the Company granted 742,070 performance-based restricted stock units, to employees with an aggregate grant date fair market value of $5,298. No performance-based restricted stock units were granted during the three months ended March 31, 2021. The performance stock unit awards provide for a performance period from February 1, 2022 through January 31, 2025 to complete up to six defined performance metrics. The percentage of awards eligible to vest will be determined based on the number of metrics achieved during the performance period and may range from 0% to 200%. The vesting of any eligible awards will occur in equal installments on January 31, 2025 and January 31, 2026.

Stock-based Compensation Expense

Stock-based compensation expense by award type included within the unaudited condensed consolidated statements of operations and comprehensive income (loss) was as follows:


	Three Months Ended March 31,
	2022		2021
Stock options	$	11,591	$	7,273
Restricted stock units		70		—
Performance-based stock units		—		—
Total stock-based compensation expense	$	11,661	$	7,273

Stock-based compensation expense is classified as follows:


	Three Months Ended March 31,
	2022		2021
Research and development expense	$	5,428	$	3,198
General and administrative		6,233		4,075
Total stock-based compensation expense	$	11,661	$	7,273

Net Income (Loss) Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Common Stockholders

8. Net Income (Loss) Per Share Attributable to Common Stockholders

Basic and diluted earnings per share are calculated as follows:


	Three Months Ended March 31,
	2022			2021
Net income (loss)	$	(42,077	)	$	30,713
Weighted average common shares outstanding, basic		83,176,408			82,577,836
Dilutive effect of outstanding stock options		—			6,521,239
Weighted average common shares outstanding, diluted		83,176,408			89,099,075
Net income (loss) per share, basic	$	(0.51	)	$	0.37
Net income (loss) per share, diluted	$	(0.51	)	$	0.34

Stock options for the purchase of 13,182,944 weighted average shares were excluded from the computation of the net loss per share attributable to common stockholders for the three months ended March 31, 2022 due to net loss during the period as their effect is anti-dilutive. Stock options for the purchase of 1,532,944 weighted average shares were excluded from the computation of diluted net income per share attributable to common stockholders for the three months ended March 31, 2021 because those options had an anti-dilutive impact due to the assumed proceeds per share using the treasury stock method being greater than the average fair value of the Company’s common shares for the period.

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

9. Leases

The Company’s building leases are comprised of office space under non-cancelable operating leases. As of March 31, 2022, the Company’s principal office was located at 125 Summer Street in Boston, Massachusetts pursuant to a lease that expires in July 2022. In July 2021, the Company entered into a lease agreement pursuant to which the Company leased additional office space in Boston, Massachusetts at 225 Franklin Street (the "225 Lease"). The 225 Lease commencement date was January 1, 2022 and the 225 Lease runs through December 31, 2026. The leases do not contain any options for renewal or extension. The Company began to occupy the additional space in April 2022.

In connection with the 225 Lease commencement, the Company recorded a right-of-use asset and operating lease liability of $2,938 and $2,873 as of January 1, 2022.

Future minimum payments under the Company’s operating leases as of March 31, 2022 were as follows:


	As of March 31,
	2022
2022	$	706
2023		805
2024		821
2025		838
2026		855
Total lease payments		4,025
Less amount representing implied interest		(272	)
Less amount representing tenant improvement allowance		(877	)
Total lease liability	$	2,876
Current portion of operating lease liabilities	$	113
Noncurrent portion of operating lease liabilities	$	2,763

For the three months ended March 31, 2022 and 2021, the Company recorded operating lease costs of $232 and $76, respectively relating to its operating lease agreements.

The 225 Lease includes a leasehold improvement allowance of $877 for certain improvements the Company is constructing in the space. The Company has not received or recorded any amounts related to the improvement allowance as of March 31, 2022.

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The Company recorded no provision for federal or state income taxes for the three months ended March 31, 2022 and 2021, respectively. The Company maintained a full valuation allowance for the three months ended March 31, 2022 and 2021 due to uncertainty regarding ability to utilize deferred tax assets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

The Company has an agreement with a consultant that requires payment of a success fee calculated as a percentage of certain product sales, subject to a cumulative maximum payout of $5.0 million. This success payment is contingent upon the occurrence of future events and the timing and likelihood of such payment is neither probable nor estimable.

Indemnification

The Company enters into certain types of contracts that contingently require the Company to indemnify various parties against claims from third parties. These contracts primarily relate to (i) the Company’s bylaws, under which the Company must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship, (ii) contracts under which the Company must indemnify directors and certain officers and consultants for liabilities arising out of their relationship, and (iii) procurement, service or license agreements under which the Company may be required to indemnify vendors, service providers or licensees for certain claims, including claims that may be brought against them arising from the Company’s acts or omissions with respect to the Company’s products, technology, intellectual property or services.

From time to time, the Company may receive indemnification claims under these contracts in the normal course of business. In the event that one or more of these matters were to result in a claim against the Company, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on the Company’s future business, operating results or financial condition. It is not possible to determine the maximum potential amount potentially payable under these contracts since the Company has no history of prior indemnification claims and the unique facts and circumstances involved in each particular claim will be determinative.

Benefit Plan

3 Months Ended

Mar. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Benefit Plan

12. Benefit Plan

During the year ended December 31, 2021, the Company implemented a defined contribution plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers substantially all employees who meet minimum age and service requirements. Under the terms of the 401(k) Plan, the Company records matching contributions up to 4% of each participant’s eligible compensation. During the three months ended

March 31, 2022 and 2021 the Company recognized expense of $240 and $0 relating to matching contributions to the 401(k) Plan.

Related Party Transactions

3 Months Ended

Mar. 31, 2022

Related Party Transactions

13. Related Party Transactions

During the year ended December 31, 2021, the Company entered into a consulting agreement with an entity controlled by one of its directors. The agreement provides for an annual retainer of $110; the Company recognized expense in connection with the consulting agreement in the amount of $27 and $0, respectively, for the three months ended March 31, 2022 and 2021.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) as found in the Accounting Standards Codification (“ASC”), Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such SEC rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2022.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of March 31, 2022, the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2022 and 2021, and the condensed consolidated statements of cash flows for the three months ended March 31, 2022 and 2021 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2022, the results of its operations for the three months ended March 31, 2022 and 2021 and its cash flows for the three months ended March 31, 2022 and 2021. The results for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, or any other interim period.
Use of Estimates	Use of Estimates The preparation of unaudited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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 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 they become known.
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Atea Pharmaceuticals, Inc. and its wholly owned subsidiary, Atea Pharmaceuticals Securities Corporation. All intercompany amounts have been eliminated in consolidation.
Significant Accounting Policies	Significant Accounting Policies There were no changes in the Company’s significant accounting policies as described in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022.
Reclassification	Reclassification Certain items in the prior year’s condensed consolidated financial statements have been reclassified to conform to the current presentation.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards have or may have a material impact on its consolidated financial statements and disclosures.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis


	Fair Value Measurements as of March 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	656,853	$	—	$	—	$	656,853
Total cash equivalents	$	656,853	$	—	$	—	$	656,853


	Fair Value Measurements as of December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	731,767	$	—	$	—	$	731,767
Total cash equivalents	$	731,767	$	—	$	—	$	731,767

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Payables And Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	March 31, 2022		December 31, 2021
Research and development, including manufacturing and clinical expenditures	$	17,280	$	18,080
License fee		-		25,000
Income taxes		2,572		2,572
Payroll and payroll related		1,914		4,209
Professional fees and other		3,074		2,291
Total accrued expenses and other current liabilities	$	24,840	$	52,152

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock-based Compensation Expense by Award Type

Stock-based compensation expense by award type included within the unaudited condensed consolidated statements of operations and comprehensive income (loss) was as follows:


	Three Months Ended March 31,
	2022		2021
Stock options	$	11,591	$	7,273
Restricted stock units		70		—
Performance-based stock units		—		—
Total stock-based compensation expense	$	11,661	$	7,273

Schedule of Stock-based Compensation Expense

Stock-based compensation expense is classified as follows:


	Three Months Ended March 31,
	2022		2021
Research and development expense	$	5,428	$	3,198
General and administrative		6,233		4,075
Total stock-based compensation expense	$	11,661	$	7,273

Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share are calculated as follows:


	Three Months Ended March 31,
	2022			2021
Net income (loss)	$	(42,077	)	$	30,713
Weighted average common shares outstanding, basic		83,176,408			82,577,836
Dilutive effect of outstanding stock options		—			6,521,239
Weighted average common shares outstanding, diluted		83,176,408			89,099,075
Net income (loss) per share, basic	$	(0.51	)	$	0.37
Net income (loss) per share, diluted	$	(0.51	)	$	0.34

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Summary of Future Minimum Payments under Operating Leases

Future minimum payments under the Company’s operating leases as of March 31, 2022 were as follows:


	As of March 31,
	2022
2022	$	706
2023		805
2024		821
2025		838
2026		855
Total lease payments		4,025
Less amount representing implied interest		(272	)
Less amount representing tenant improvement allowance		(877	)
Total lease liability	$	2,876
Current portion of operating lease liabilities	$	113
Noncurrent portion of operating lease liabilities	$	2,763

Nature of Business - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Nature Of Business [Abstract]
Cash and cash equivalents	$ 705,545	$ 764,375	$ 833,751

Collaboration Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Collaboration revenue		$ 65,985
Research and development	$ 29,633	26,571
Accrued expenses and other current liabilities	24,840		$ 52,152
Roche License Agreement
Disaggregation Of Revenue [Line Items]
Collaboration revenue		65,985
Costs reimbursed amount	845	3,419
Research and development	9,578	$ 14,517
Accrued expenses and other current liabilities	$ 8,733		$ 10,417

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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+ Details

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Cash equivalents
Total cash equivalents	$ 656,853	$ 731,767
Level 1
Cash equivalents
Total cash equivalents	656,853	731,767
Money Market Funds
Cash equivalents
Total cash equivalents	656,853	731,767
Money Market Funds \| Level 1
Cash equivalents
Total cash equivalents	$ 656,853	$ 731,767

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Research and development, including manufacturing and clinical expenditures	$ 17,280	$ 18,080
License fee	0	25,000
Income taxes	2,572	2,572
Payroll and payroll related	1,914	4,209
Professional fees and other	3,074	2,291
Total accrued expenses and other current liabilities	$ 24,840	$ 52,152

Common Stock - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	83,257,591	83,102,730
Common stock, shares outstanding	83,257,591	83,102,730
Common stock voting rights per share	On all matters to be voted upon by the holders of common stock, holders of common stock are entitled to one vote per share.

Stock-based Compensation - Additional Information (Details) $ in Thousands	1 Months Ended			3 Months Ended
	Jan. 31, 2022 shares	Jan. 31, 2021 shares	Oct. 31, 2020 shares	Mar. 31, 2022 USD ($) Installment shares	Mar. 31, 2021 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted				2,900,833	2,212,250
Aggregate grant date fair market value \| $				$ 14,811	$ 112,471
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted				182,350	0
Aggregate grant date fair market value of restricted stock units granted \| $				$ 1,302
Number of installments \| Installment				3
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted				742,070	0
Aggregate grant date fair market value of restricted stock units granted \| $				$ 5,298
Performance based restricted stock units terms of award				The performance stock unit awards provide for a performance period from February 1, 2022 through January 31, 2025 to complete up to six defined performance metrics. The percentage of awards eligible to vest will be determined based on the number of metrics achieved during the performance period and may range from 0% to 200%. The vesting of any eligible awards will occur in equal installments on January 31, 2025 and January 31, 2026.
2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of additional shares authorized	4,155,136	4,130,847
Percentage of annual increase in shares that may be issued			5.00%
Number of shares available for future issuance				8,373,712
Minimum \| Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage				0.00%
Maximum \| Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage				200.00%
Maximum \| 2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized			7,924,000
Maximum \| 2020 Incentive Award Plan \| From 2013 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized			5,982,266

Stock-based Compensation - Summary of Stock-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 11,661	$ 7,273
Stock Options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	11,591	$ 7,273
Restricted Stock Units
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 70

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 11,661	$ 7,273
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	5,428	3,198
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 6,233	$ 4,075

Net Income (Loss) Per Share Attributable to Common Stockholders - Summary of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ (42,077)	$ 30,713
Weighted average common shares outstanding, basic	83,176,408	82,577,836
Dilutive effect of outstanding stock options		6,521,239
Weighted average common shares outstanding, diluted	83,176,408	89,099,075
Net income (loss) per share, basic	$ (0.51)	$ 0.37
Net income (loss) per share, diluted	$ (0.51)	$ 0.34

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Income (Loss) Per Share Attributable to Common Stockholders - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Number of shares excluded from computation of diluted net income per share	13,182,944	1,532,944

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jul. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jan. 01, 2022	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Right-of-use asset		$ 2,890			$ 161
Operating lease liability		2,876
Operating lease costs		$ 232	$ 76
Office Space
Lessor, Lease, Description [Line Items]
Location of office space		Boston, Massachusetts
Lease expiration month and year		2022-07
Lessor, Operating Lease, Existence of Option to Extend [true false]		false
Additional Office Space
Lessor, Lease, Description [Line Items]
Location of the additional office space		Boston, Massachusetts at 225 Franklin Street
Lease commencement date	Jan. 01, 2022
Lease expiration date	Dec. 31, 2026
Lessor, Operating Lease, Existence of Option to Extend [true false]	false
Right-of-use asset				$ 2,938
Operating lease liability				$ 2,873
Leasehold improvement allowance	$ 877

Leases - Future Minimum Payments under Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2022	$ 706
2023	805
2024	821
2025	838
2026	855
Total lease payments	4,025
Less amount representing implied interest	(272)
Less amount representing tenant improvement allowance	(877)
Total lease liability	2,876
Current portion of operating lease liabilities	113	$ 197
Noncurrent portion of operating lease liabilities	$ 2,763

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Federal income taxes	$ 0	$ 0
State income taxes	$ 0	$ 0

Commitments and Contingencies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022 USD ($)
Business Development Consulting Agreements \| Maximum
Loss Contingencies [Line Items]
Success fee	$ 5,000,000.0

Benefit Plan - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan recognized expense related to matching contributions	$ 240	$ 0
Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percentage	4.00%

Related Party Transactions - Additional Information (Details) - Consulting Agreement - Director - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Number of company directors in control of related party entity	one
Annual retainer			$ 110
Related party transaction expense	$ 27	$ 0