MeritValue

Atea Pharmaceuticals, Inc.

AVIRdata completeness 63%8 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Atea Pharmaceuticals, Inc. earns about -39% on invested capital, and has bought back 8% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$351.4M1————
Net income$121.2M2−$115.9M3−$136M4−$168.4M5−$158.3M5
Operating cash flow−$87M6−$121M7−$85.4M8−$135.5M9−$132M9
Capital expenditure$4,00010$1.94M11———
Free cash flow (derived)−$87M6−$122.9M7———
Total debt—————
Cash & equivalents$764.4M12$188.5M13$143.8M14$64.7M15$95.7M15
Diluted shares88.2M83.2M83.4M84.3M81.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$33.8
your share of equity
Profit it earned you last year
−$19.43
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $33.8 of net worth that earned you −$19.43 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-39% avg · 5y
FY21 —FY22 -21%FY23 -26%FY24 -35%FY25 -72%

It earned an average -39% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−8% shares · 5y

Share count is down 8% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-005186 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0000950170-23-005186 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0000950170-24-022226 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0000950170-25-034808 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001193125-26-094159 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0000950170-23-005186 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0000950170-24-022226 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000950170-25-034808 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-094159 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-005186 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-022226 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-005186 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-022226 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-034808 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-094159 (CashAndCashEquivalentsAtCarryingValue)