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Atea Pharmaceuticals

AVIR on Nasdaq. Atea Pharmaceuticals develops antiviral medicines for people with hepatitis C and hepatitis E. Market value $411m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-36.1%five-year median

Each dollar kept in the business earns -36 cents a year. Above 10 is good.

Quality score: 60 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.

$5.07 a share, 77% above its 1-year low

Over the past year the price has ranged from $2.87 to $6.45.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.1
n/a
n/a
n/a
20212022202320242025
Revenue
$351mn/an/an/an/a
Operating margin
39.4%n/an/an/an/a
Debt to equity
0.000.000.000.000.00
Shares outstanding
0.08bn0.08bn0.08bn0.08bn0.08bn

Health checks

  • Free cash flow positive0 of 2 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Yes
  • Debt0.00× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesYes, 4% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $33 million, compared with a loss of $37 million a year ago.
  • 4% fewer shares than a year ago. Each share owns a bit more of the company.
  • It has $77 million more cash than debt, down from $88 million a year ago.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$31m
December 2024-$34m
March 2025-$34m
June 2025-$37m
September 2025-$42m
December 2025-$45m
March 2026-$45m
June 2026-$33m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
5 March 2026
Next quarterly (estimated, 10-Q)
11 November 2026

Who owns it

None of the long-term investors we follow own it. 125 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

  • FMR LLC
    Passive investor
    at least 15.0%+3.4 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • Jean-Pierre Sommadossi
    Passive investor
    at least 10.1%
    (filed with 1 related holder)
    Since 31 March 2025
  • Leonard Braden Michael
    Passive investor
    at least 9.9%
    (filed with 1 related holder)
    Since 31 December 2025
  • BlackRock, Inc.
    Passive investor
    7.1%
    Since 31 March 2025
  • at least 6.0%
    (filed with 5 related holders)
    Since 6 October 2026
  • Radoff Bradley Louis
    at least 4.0%+0.4 pts
    (filed with 9 related holders)
    Since 16 April 2025
    What they said

    Item 4 is hereby amended to add the following: On April 16, 2025, the Radoff/JEC Group entered into a letter agreement (the "Agreement") with the Issuer pursuant to which, among other things, the Issuer agreed to appoint Howard H. Berman, Ph.D. to the Board, effective…

    Read the filing
  • EcoR1 Capital, LLC
    Passive investor
    at least 4.0%
    (filed with 2 related holders)
    Since 31 December 2024
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $25,437 of shares on the open market.

  • Murphy Polly A.
    Director
    Bought
    Date
    18 May 2026
    Shares
    6,100
    Price
    $4.17
    Value
    $25,437

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 5 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 3 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.