Operator: Good afternoon, everyone, and welcome to the Atea Pharmaceuticals second quarter 2026 financial results and business update conference call. At this time, all participants are in a listen-only mode. Following the formal remarks, we will open the call up for your questions. I would now like to turn the call over to Jonae Barnes, Senior Vice President of Investor Relations and Corporate Communications at Atea Pharmaceuticals. Ms. Barnes, please proceed.

Jonae Barnes, Senior Vice President of Investor Relations and Corporate Communications, Atea Pharmaceuticals: Thank you, operator. Good afternoon, everyone, and welcome to Atea Pharmaceuticals’ second quarter 2026 financial results and business update conference call. Earlier today, we issued a press release which outlines the topics we plan to discuss. You can access the press release, as well as the slides that we’ll be reviewing today, by going to the Investors section of our website at ir.ateapharma.com. With me from Atea, are our Chief Executive Officer and Founder, Dr. Jean-Pierre Sommadossi, Chief Development Officer, Dr. Janet Hammond, Chief Commercial Officer, John Vavricka, Chief Medical Officer, Dr. Arantxa Horga, Chief Financial Officer and Executive Vice President of Legal, Andrea Corcoran, who will be available for the Q&A portion of today’s call. Before we begin the call, and as outlined on slide 2, I would like to remind you that today’s discussion will contain forward-looking statements that involve risks and uncertainties.

These risks and uncertainties are outlined in today’s press release and in the company’s recent filings with the Securities and Exchange Commission, which we encourage you to read. Our actual results may differ materially from what is discussed on today’s call. With that, I’ll now turn the call over to Jean-Pierre.

Dr. Jean-Pierre Sommadossi, Chief Executive Officer and Founder, Atea Pharmaceuticals: Thank you, Jonae. Good afternoon, everyone, and thank you for joining us. I will begin on slide 3. The positive top-line results from C-BEYOND, our phase III trial evaluating the combination of bemnifosbuvir for the treatment of Hepatitis C in North America represent a significant milestone for Atea and for the millions of people living with Hepatitis C who need a shorter, simpler path to cure. We were very pleased that C-BEYOND met both its primary and secondary endpoints, with bemnifosbuvir demonstrating statistical non-inferiority to EPCLUSA, the current standard of care. Importantly, this was the first successful phase III trial in the global head-to-head HCV program, achieved in the real-world patient population that was poly-medicated, psychiatrically complex, substance abuse affected, and adherence challenged. These results reinforce the need for a best-in-class profile designed for the broad and complex Hepatitis C population clinicians treat today.

Arantxa will review in details the results of the trial. C-FORWARD, our second phase III trial being conducted outside North America, is fully enrolled with more than 880 patients, and we remain on track to report top-line results in early Q1 2027. We believe that the C-FORWARD data set will provide important confirmatory efficacy data across a broader range of genotypes and strengthen the pan-genotypic regulatory package for bemnifosbuvir. In July, we also initiated our first in-human phase I clinical trial of AT-587, our potential first-in-class direct-acting antiviral for chronic Hepatitis E, a serious disease with no approved therapy to date. This milestone reflects the continued advancement of our all direct-acting antiviral pipeline. We remain in a solid financial position, with $219.5 million in cash and marketable securities as of June 30, 2026, with our cash runway anticipated through 2027.

I will now hand the call over to Arantxa, our Chief Medical Officer, to review our phase III program.

Dr. Arantxa Horga, Chief Medical Officer, Atea Pharmaceuticals: Thank you, Jean-Pierre, and good afternoon, everyone. Moving to slide 5, C-BEYOND was a randomized active control non-inferiority trial against sofosbuvir/velpatasvir, marketed as EPCLUSA, a standard of care regimen. The trial involved patients with chronic HCV at approximately 120 clinical sites in the U.S. and Canada, including patients co-infected with HIV and patients across the HCV genotypes that predominate in North America. Patients without cirrhosis received bemnifosbuvir for 8 weeks or SOF/VEL for 12 weeks. Patients with compensated cirrhosis received 12 weeks of treatment with either regimen. On slide 6, let’s now review the C-BEYOND endpoints and patient populations. The primary efficacy endpoint is SVR or cure at week 24, assessing the modified intent to treat, or MITT population, which was agreed upon with the FDA.

This population includes all patients who received at least one dose of the regimen, including those who discontinued early, were not compliant, or were lost to follow-up. The trial is powered at 90% with a 5% non-inferiority margin. C-BEYOND is the anchor trial for the U.S. NDA submission. Moving to slide 7, you can see that the baseline characteristics of the patients in C-BEYOND were very well-balanced across the two arms, including age, sex, BMI, race and ethnicity, cirrhosis status, viral load, and HIV co-infection. On slide 8, C-BEYOND enrolled the HCV population clinicians are treating in North America today, which looks meaningfully different from the population studied a decade ago. In our trial, more than half of the patients reported injection drug use as the root of HCV transmission. Approximately 89% were taking concomitant medications.

Two-thirds had a psychiatry disorder, and over 10% prematurely discontinued treatment, were lost to follow-up, or were not adherent to the protocol. Current standard of care regimens have challenges where it matters most. A moderate protease inhibitor-containing regimen carries DDI limitations that restrict or complicate use in many of these patients, while EPCLUSA requires 12 weeks of treatment. In our market research, only 6% of 157 high-prescribing U.S. physicians reported no unmet need, with physicians continuing to cite key priorities such as shorter duration, high efficacy, and fewer contraindications. Let’s now review the phase III results on slide 9. In the primary endpoint MITT population, bemnifosbuvir achieved a 93.9% SVR rate, compared with 94.8% for SOF/VEL at week 24, encompassing SVR12, the accepted definition of cure for HCV. This result met the primary endpoint of statistical non-inferiority within the pre-specified 5% margin.

bemnifosbuvir delivered cure rates comparable to the standard of care while offering an 8-week regimen for non-cirrhotic patients, compared to 12 weeks for SOF/VEL. On slide 10, in the non-cirrhotic MITT population, bemnifosbuvir achieved a 93.5% SVR rate with 8 weeks of treatment, compared with 94.6% for SOF/VEL with 12 weeks of treatment. In patients with compensated cirrhosis, both arms achieved a 95.4% SVR rate with 12 weeks of treatment. Patients of populations are not powered for statistical analysis. On slide 11 is the safety summary. Overall, adverse events were comparable between the two treatment arms. Most treatment-emergent adverse events were mild to moderate and balanced between treatment arms. There were no serious adverse events due to the study drugs, and while there were no deaths in the bemnifosbuvir arm, 3 deaths in the SOF/VEL arm were observed, but not related to the study drug.

Similarly, there were no early treatment discontinuations related to the study drugs. Moving to slide 12, real-world adherence and discontinuation of treatment with loss to follow-up remains a major barrier in HCV treatment today and helps explain why current SVR rates with approved therapies can fall below the rates reported 10 years ago in the original pivotal studies. Indeed, as you can see in more recent studies, the intent to treat SVR rates fall below the rates reflected in labels established a decade ago, including rates as low as 74% among people who injected drugs with rates consistently in the low 90s. Slide 13 summarizes the top-line results for C-BEYOND. The trial met its primary and secondary endpoint, with bemnifosbuvir demonstrating consistent SVR rates regardless of cirrhosis status and robust performance across genotypes. Virological failure rates were low and comparable across treatment arms.

bemnifosbuvir was generally safe and well-tolerated, with a safety profile comparable to SOF/VEL. On slide 14 is the patient populations and analysis for C-FORWARD, our second phase III trial being conducted outside of North America to enable a broad pan-genotypic label. It is fully enrolled and enriched for genotypes 1b, 3, 4, 5, and 6, using the same non-inferiority methodology and the same powering assumption. Together, the two phase III studies will form a comprehensive global data package for regulators worldwide. I will now hand the call over to Janet, our Chief Development Officer.

Dr. Janet Hammond, Chief Development Officer, Atea Pharmaceuticals: Thank you, Arantxa. Good afternoon, everyone. Moving on to slide 16. bemnifosbuvir/ruzasvir is a next generation pan-genotypic, once daily, six dose regimen. bemnifosbuvir is the most potent nucleotide we are aware of, being approximately 10-fold more active than sofosbuvir in vitro. ruzasvir is a picomolar potency pan-genotypic NS5A inhibitor. Together, they have been administered to thousands of individuals with generally favorable safety and tolerability. Compared with EPCLUSA and MAVYRET, bemnifosbuvir/ruzasvir is the only regimen positioned to offer the full combination of short, 8-week duration for non-cirrhotic patients, protease inhibitor-free composition, low potential for drug-drug interactions, and no food effect. That combination is what defines a potential best-in-class profile. On slide 17, the drug-drug interaction profile is a key differentiator for bemnifosbuvir/ruzasvir. Roughly 80%-90% of Hepatitis C patients in the U.S. take concomitant medications, and prescribers strongly prefer therapies that are simple to prescribe.

Across the classes of oral contraceptives, protease inhibitors, and integrase inhibitor HIV regimens, statins, immunosuppressants, digoxin, and proton pump inhibitors, and other acid-reducing therapies, bemnifosbuvir/ruzasvir is expected to be broadly compatible where competitors carry contraindications or require dose modifications. Fewer drug interactions, fewer specialist referrals, fewer treatment delays, and more patients actually starting and completing therapy. Today’s treatment challenge is less about efficacy and more about treatment duration, adherence, drug-drug interactions, and access. Based on the potential profile of bemnifosbuvir/ruzasvir, we believe our regimen is well-positioned to address these barriers and expand the number of patients successfully treated. I’ll now turn the call over to John Vavricka, our Chief Commercial Officer.

John Vavricka, Chief Commercial Officer, Atea Pharmaceuticals: Thank you, Janet. Let’s move on to slide 19. I want to address what we believe is a widely misunderstood dynamic in the HCV market. Wall Street often looks at revenue trends for approved HCV therapies and concludes that this is a declining market. However, the prevalence in treatment data tell a different story. Newly diagnosed patients with HCV infections continue to outpace patients treated annually, and that gap is widening. In 2025, only around 50% of those new infected patients were treated. The result is a growing HCV-infected population moving towards 4 million people in the U.S., which is an expanding addressable market. The test and treatment model of care is emerging as a reality and will serve as a critical lever to close the gap of untreated patients.

It will enable seamless rapid diagnosis and treatment initiation at the same point-of-care visit, reduce barriers for prescribing, and drastically reduce patient attrition even before treatment begins. This model has broad bipartisan support and is gaining momentum as a pathway towards HCV eradication in the U.S. We believe our regimen’s profile is optimal for this model of care. Let’s move on to slide 20. The current HCV market dynamics create a clear opportunity for bemnifosbuvir/ruzasvir. Short duration regimens continue to gain share, and prescribing is increasingly driven by polypharmacy and comorbidities. New infections keep outpacing treatment, and there is a decrease in commercial efforts by competitors. Each of these trends plays directly to the strength of bemnifosbuvir/ruzasvir. We believe a potential best-in-class profile can expand treatment eligibility and improve treatment completion for patients whose medications, comorbidities, and life circumstances have historically limited access and adherence.

In addition, there is a market growth potential with a simplified therapy and a focused commercialization effort. Moving on to slide 21. Our market research supports strong uptake of bemnifosbuvir. Among high volume DAA prescribers, 76% said they would be extremely likely to prescribe bemnifosbuvir, and the research predicts roughly half of both non-cirrhotic and compensated cirrhotic patients would receive bemnifosbuvir relative to EPCLUSA and MAVYRET. On slide 22, we believe bemnifosbuvir is uniquely positioned to capture untreated patients and grow the market, not simply to compete for existing share. Currently, only about half of diagnosed patients in the U.S. are treated annually, leaving roughly 75,000 untreated new infections last year, on top of the already large prevalent pool of patients. In 2025, U.S. net sales were $1.3 billion, representing 50% of the global net sales of $2.6 billion.

With its differentiated profile, bemnifosbuvir is uniquely positioned to expand the market, potentially up to $2.5 billion annually in the United States. Slide 23. Taken together, we see peak annual U.S. net revenue potential in excess of $700 million. That is anchored on a widening gap between infections and cures, up to 4 million infected, and the increasing number of untreated people in the United States as the total addressable market. The pricing is expected to be in line with existing branded DAA regimens. In closing, on slide 24, we continue to advance our commercial readiness activities across all key areas. The HCV prescriber base is highly concentrated with approximately 7,800 physicians writing roughly 80% of all DAA prescriptions in the U.S. We can reach the vast majority of this market with a focused specialty sales force of approximately 75 to 100, including sales representatives, sales managers, and medical science liaisons.

All components and processes for large-scale manufacturing are in place. Our commercial launch supply is already underway with low cost of goods relative to the expected net price. Our four-week dosing blister card packaging supports patient convenience and adherence. We believe these factors position us for a short time to profitability following a launch. I will now turn the call back to Janet to review the hepatitis E program.

Dr. Janet Hammond, Chief Development Officer, Atea Pharmaceuticals: Thank you, John. On slide 26, in July, we initiated our first-in-human phase I clinical trial of AT-587. The study is being conducted in healthy volunteers with the primary objectives of evaluating safety, tolerability, and pharmacokinetics. It is a randomized, double-blind, placebo-controlled design with sequential dose escalation and an embedded food effect assessment. The study includes both single ascending and multiple ascending dose phases, providing flexibility to refine dose levels as data emerge, and with dose progression informed by real-time safety and PK review. We have recently completed the first cohort and are moving forward to the next cohort. Hepatitis E has no approved therapy, so this is a potential first-in-class opportunity that provides a meaningful pipeline program beyond hepatitis C. I am going to turn the call over now to Andrea Corcoran, our Chief Financial Officer, to discuss Atea’s financials.

Andrea Corcoran, Chief Financial Officer and Executive Vice President of Legal, Atea Pharmaceuticals: Thanks, Janet. As Jonae mentioned in her introductory remarks, earlier today, we issued a press release containing our financial results for the second quarter of 2026. The statement of operations and balance sheet can be found on slides 28 and 29. We are pleased to report that our cash and investments balance was $219.5 million at June 30, 2026. The funds we expended in the second quarter were principally directed to the advancement of our HCV phase III clinical trials, C-BEYOND and C-FORWARD, and to a lesser extent, to the completion of clinical trial startup activities for the first-in-human study of AT-587, which Janet just described as our product candidate for the treatment of HEV.

As we have noted recently, milestone events in each program have been realized with the announcement of positive top-line results in C-BEYOND, the completion of patient enrollment in C-FORWARD, and the initiation of the first-in-human clinical study of AT-527. In the first six months of 2026, our R&D expenses increased compared to the prior year, principally driven by higher external spend related to the HCV phase III program and incremental HEV pre-clinical and clinical trial startup activities. These incremental expenses were partially offset by lower internal expenses, primarily due to decreases in stock-based compensation and payroll-related costs. With respect to G&A, there was a decrease in the first six months of 2026 compared to the prior year, due principally to lower salaries and lower wages, as well as lower stock-based compensation.

During the second half of 2026, we intend to maintain our rigorous financial discipline while remaining laser-focused on execution and value-creating advancement of our HCV and HEV product candidates. As we complete C-FORWARD, prepare to submit our regulatory filings, and engage in pre-launch activities, the substantial majority of our spending will remain focused on the advancement of our hepatitis C program. With the resources in hand at the end of June, we expect to realize these value-creating milestones for both programs, and we project our cash runway to extend through 2027. I’ll now hand the call back to Jean-Pierre for closing remarks.

Dr. Jean-Pierre Sommadossi, Chief Executive Officer and Founder, Atea Pharmaceuticals: Thank you, Andrea. In closing, on slide 30, our milestones are clear and all near-term. We completed patient enrollment for C-FORWARD in June, and top-line results are expected in early Q1 2027. Pending positive results from C-FORWARD, our NDA submission is anticipated in the second quarter of 2027. In parallel-

Operator: Ladies and gentlemen, please remain on the line. We are experiencing a technical difficulty. Once again, please remain on the line. We are experiencing a technical difficulty.

Dr. Jean-Pierre Sommadossi, Chief Executive Officer and Founder, Atea Pharmaceuticals: Hello?

Operator: Thank you, JP. You may continue.

Dr. Jean-Pierre Sommadossi, Chief Executive Officer and Founder, Atea Pharmaceuticals: My apologies. I was disconnected. In parallel, our Hepatitis E program is progressing very well and advancing toward proof of concept in 2027. We believe that bemnifosbuvir’s potential best-in-class profile, including high efficacy, short treatment duration, a low risk of drug-drug interactions, and no food effect, position us to meaningfully contribute to the goal of HCV eradication in the U.S. and globally. Based on our projection, we expect a short time to profitability after the anticipated mid-2028 launch. We look forward to keeping you updated on our progress, and with that, I will now turn the call back over to the operator.

Operator: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Our first question comes from Andy Shay with William Blair. Please go ahead.

Andy Shay, Analyst, William Blair: Great. Thanks for taking our questions, and congratulations on the big milestone for the company. My first question has to do with labeling. I think, JP, you mentioned about the new mechanism of action. I am curious, with the assembly disruption mechanism, how do you get that into the label? That is number one. Number two, it has to do with the test-and-treat model. I think, John, you mentioned about that. You had also mentioned about the one-month blister pack. Based on some of the conversations with KOLs, they really like to see a test-and-treat model. On top of that, you basically give all the drugs in one setting. I am just wondering what steps do you have to take to really reach that goal? Thank you so much.

Dr. Jean-Pierre Sommadossi, Chief Executive Officer and Founder, Atea Pharmaceuticals: Okay. First, Andy, thanks for your scientific knowledge here. We have not released yet all the data, and we continue to build upon this new MOA, and we anticipate to share with the FDA early next year when we will have the full data set. It is a little bit early for me to discuss about it, but obviously, we will present at scientific meetings and share with the FDA with the impact that we believe that this supplemental important MOA for BEM and totally unique. John, you want to address the second question of Andy?

John Vavricka, Chief Commercial Officer, Atea Pharmaceuticals: Sure. Thanks, Andy. Test and treat is what the KOLs are looking to, what they do believe will actually increase the number of patients that are treated. You are correct that the way that they would like to practice it is the patient is diagnosed and then immediately treated. This is just like the other products that are out there. We will have both bottles and for these blister packs. Similar to the other products, you would have to likely give two blister packs out if that is what the patient required or two bottles out. Very similar to what you have going on today. The reason for the blister packs was it was just identified as a more convenient way for the HCV patients, and we are trying to do everything we can to make them take their medication and be more compliant.

It is just a matter of the quantity that you will give them at that time. Does that answer your question, Andy?

Andy Shay, Analyst, William Blair: Yeah. I guess the question also has to do with kind of refilling requirements. After the first month, based on payers or other stakeholders, how do you eliminate that

John Vavricka, Chief Commercial Officer, Atea Pharmaceuticals: Sure

Andy Shay, Analyst, William Blair: step to get a refill?

John Vavricka, Chief Commercial Officer, Atea Pharmaceuticals: I don’t have that answer for you today. What I can tell you is that in talking with physicians who do practice test and treat within their respective states, the payers for those respective states have allowed them to give the appropriate amount without a refill to those patients, and that would be specific to the programs. You are correct. Where it is existing, they do give them to everyone. Would every physician be able to provide test and treat today? That’s part of the challenges and the mechanisms that will have to be worked out. But I can tell you in talking to these physicians who have implemented the test and treat and have provided the treatment at that visit, they do see great promise and great success.

The one thing that they are very excited about for our profile is that it really would be the best profile to use in the test and treat because of the potential lack of drug-drug interactions and not have to worry about what a patient is either taking now or will be taking, and it will offer the shortest course of therapy.

Andy Shay, Analyst, William Blair: Great. Thanks so much.

Operator: Our next question comes from Jonathan Miller with Evercore ISI. Please go ahead.

Yun Li, Analyst, Evercore ISI: Hello, this is Yun Li on for John. Thanks for taking my question and congrats again on the phase III data. I would like to touch on the AASLD simplified treatment algorithm. Can you walk us through the process and timeline to get the treatment included in the guideline? What evidence do you think will be most important for the panel to see from the C-BEYOND and C-FORWARD results to include them in the treatment algorithm? Thank you.

Dr. Jean-Pierre Sommadossi, Chief Executive Officer and Founder, Atea Pharmaceuticals: Arantxa, you want to address that?

Dr. Arantxa Horga, Chief Medical Officer, Atea Pharmaceuticals: Sure. I think what they are looking for is best-in-class profile. This is what we are offering here. It’s the 8-week for the majority of the patients. Once they see these results and we obviously get a label and an approval, I think that it will not be difficult with this profile to get it into treatment algorithms, and have it prescribed by physicians. We’re hearing really excellent feedback from our PIs.

Yun Li, Analyst, Evercore ISI: Okay. Thank you.

Dr. Jean-Pierre Sommadossi, Chief Executive Officer and Founder, Atea Pharmaceuticals: I just want to add one point, is that for both the North American trial and the C-FORWARD in 17 countries, it’s absolutely remarkable that we were able to fully enroll about 900 patients in less than 8 months. With 120 clinical sites, with a high demand. We could see at the end that the demand was growing exponentially and we had actually to unfortunately stop because we could not go beyond much more in term of the number of targeted patients. But there was really a high demand for this clinical trial in both North America, the U.S., as well as in these 17 countries. Next question, please.

Operator: Thank you.

Our next question comes from Maxwell Skor with Morgan Stanley. Please go ahead.

Maxwell Skor, Analyst, Morgan Stanley: Great. Thank you very much for taking my question, and congrats on the update. Regarding the non-inferiority, which also cleared on the per protocol secondary in C-BEYOND, which is the C-FORWARD’s primary endpoint for the EMA, how much does that lift your confidence going into the early 1Q 2027 readout? Also, how comparable do you expect the baseline characteristics to be across the two studies, given C-FORWARD’s different geographies and genotype mix? Finally, if I can ask just one more, maybe elaborate a bit more on the pricing reforms, the Medicare Part D and 340B, and how they are reshaping the competitive landscape. Thank you.

Dr. Jean-Pierre Sommadossi, Chief Executive Officer and Founder, Atea Pharmaceuticals: Sure, Max. Great question. Arantxa, you want to tackle? We are going to basically report that at scientific meeting, but we do not worry. Obviously, we always worry, but we do not worry on the per protocol. As you have seen, it is quite a bit of discontinuation, but we have sufficient power. Why do not, Arantxa, you chime in as well and address the difference of patients, which actually it is substantial. Arantxa, can you go ahead?

Dr. Arantxa Horga, Chief Medical Officer, Atea Pharmaceuticals: Yes. I think, Max, it is a great question. For the C-FORWARD, we are more likely to see genotypes obviously that are not in the U.S. The U.S. predominantly is 1a. Ex-U.S., we are going to be seeing more of the 1bs, and then some of the rare genotypes that we made an extraordinary effort to get. Genotypes six, five, which are not common in the U.S. It will differ in terms of genotypes, but I want to remind you that a lot of these genotypes we already treated in phase II, where we had genotype three in particular, excellent results.

In terms of the population, we think we’ll see probably less transmission through the I.V. drug use, that kind of population that we also saw in the phase II, because globally, there is still quite a lot of transmission through things like dental procedures, transplants, even blood transfusions. The population ex-U.S. in general tends to report less frequently adverse events. They tend to be less lost to follow-up. They tend to be a little more compliant with the protocol. If anything, we think we’re going to be seeing a more adherent population, and maybe even a little bit closer to what we saw in the phase II, where we had already excellent results. I think that was your main question for me. There was another one, though.

Dr. Jean-Pierre Sommadossi, Chief Executive Officer and Founder, Atea Pharmaceuticals: Oh, yes.

Yes.

I’m sorry. About pricing for John?

John Vavricka, Chief Commercial Officer, Atea Pharmaceuticals: Sure. Max, I think your question was on pricing reform and the various, GENEROUS and other legislated 340Bs reshaping the landscape. You are correct, and it depends on what segment that you’re more heavily weighted in. Currently, the two products, whether it’s MAVYRET or EPCLUSA, have different percentages of their business coming from Medicaid or Medicare. Those changes have already started to take to effect. For instance, having a higher percentage of Medicare patients, the Inflation Reduction Act has had an effect on that. In the past, manufacturers weren’t responsible for a percentage of the total prescription cost there, and that is happening now. As for the other things you mentioned, like GENEROUS and so forth, which is MFN-type pricing and its effect on Medicaid. It could affect the Medicaid discounts that are currently being offered.

But there’s something interesting, Max, and that is when you start looking at the pricing differential between the U.S., for instance, and a lot of these GENEROUS or mainly EU countries or Western countries, the pricing isn’t as dramatically different from the U.S. as other types of pharmaceutical products. We were kind of shocked at that. So the impact will not be as dramatic as some people think. The other thing to bear in mind is that some manufacturers are already cutting direct deals with individual state Medicaid agencies beyond the statutory discounts to be provided. So, from that standpoint, the difference between the extra rebates that they’re already providing and what the GENEROUS or the extra rebates for MFN might be, could theoretically be smaller. But that’s what we know now. The other last thing you mentioned was 340B.

I think the proposed legislative or the administrative changes that are happening for 340B will be favorable to the manufacturers in the sense that if the current thinking goes through, instead of providing an outright discounted price, that it would be handled through a rebate mechanism, thus allowing the manufacturers to make sure that they’re not getting double-counted on both Medicaid and 340B. So we’ll have to stay tuned to see what happens with that.

Dr. Jean-Pierre Sommadossi, Chief Executive Officer and Founder, Atea Pharmaceuticals: Thanks, John.

John Vavricka, Chief Commercial Officer, Atea Pharmaceuticals: Great. Thank you very much.

Dr. Jean-Pierre Sommadossi, Chief Executive Officer and Founder, Atea Pharmaceuticals: Max, I want to go back just to make sure that there is no misunderstanding here. On the C-FORWARD, the per protocol is the primary endpoint for the EMA. But for the FDA, the MITT is the primary endpoint. Please be aware that the MITT as the C-BEYOND, C-FORWARD, the primary endpoint for the FDA will be the MITT. Essentially, we will have two primary endpoints in the C-FORWARD.

Maxwell Skor, Analyst, Morgan Stanley: Okay.

Just to make sure that

Very helpful. Thank you for clarifying. Appreciate it. Thanks.

Dr. Jean-Pierre Sommadossi, Chief Executive Officer and Founder, Atea Pharmaceuticals: Okay. Very good. Thank you, Max. Any other questions? Thank you all for joining our second quarter conference call, and thank you for your continued support.