Atea Pharmaceuticals at Morgan Stanley Conference: Strategic Insights on HCV Treatment

On Tuesday, 09 September 2025, Atea Pharmaceuticals (NASDAQ:AVIR) presented at the Morgan Stanley 23rd Annual Global Healthcare Conference, outlining a strategic vision focused on advancing its hepatitis C (HCV) treatment regimen. The company shared positive developments, including promising trial data and a strong financial position, while also addressing challenges such as patient identification and market competition.

Key Takeaways

• Atea’s lead drug candidate, bemnifosbuvir combined with ruzasvir, aims for a shorter 8-week treatment for HCV.
• The company has a robust cash position of $379 million, ensuring operations through 2027.
• Two phase 3 trials, CBYOND and C4WRD, are underway with results expected by late 2026.
• Atea’s treatment shows high cure rates, with no food effects or significant drug-drug interactions.
• The company is open to partnerships, particularly outside the United States.

Financial Results

• Atea reported a cash reserve of $379 million as of June, projected to sustain operations until 2027.
• The phase 3 program is estimated to cost approximately $200 million.
• Business development efforts are focused on acquiring best-in-class antiviral assets and exploring ex-US partnerships post-phase 3 results.

Operational Updates

• The CBYOND trial in North America has commenced, with about 120 sites in the U.S.
• The C4WRD global trial is slightly delayed due to regulatory approvals but remains on track for late 2026 results.
• The trials target a diverse patient population, including both cirrhotic and non-cirrhotic patients.

Future Outlook

• Atea aims to secure a broad label for its regimen, covering all genotypes and patient conditions.
• The company’s intellectual property extends to 2042, offering a competitive edge against products facing generic competition by 2034.
• Upcoming milestones include the phase 3 trial readouts and participation in major conferences like AASLD and EASL.

Q&A Highlights

• Atea addressed the challenge of diagnosing HCV patients and emphasized the potential of a "test and treat" model.
• They highlighted the superior drug-drug interaction profile of bemnifosbuvir, with no impact from proton pump inhibitors.
• Regulatory interactions with the FDA have been constructive, with no delays reported.

In conclusion, Atea Pharmaceuticals is poised to make significant strides in HCV treatment, backed by strong financials and promising clinical data. For a detailed account, readers are encouraged to review the full transcript.

Full transcript - Morgan Stanley 23rd Annual Global Healthcare Conference:

Max Skor, Analyst, Morgan Stanley: Great. Hello, everyone. I’m Max Skor with Morgan Stanley. Before we get started, I’m just going to read a quick disclosure. For important disclosures, please see the Morgan Stanley Research Disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. With that, I’d like to introduce the Atea team. Very happy to have everyone here. Maybe just to level set, could you introduce the Atea story to people in the audience who maybe aren’t as familiar?

Unidentified speaker: Yeah. Atea is a biotech company based in Boston. We have a nucleoside platform, which we have been using against serious viral diseases. We had a trial in COVID. We are currently in phase 3 with our nucleoside analog, bemnifosbuvir, for hepatitis C.

Max Skor, Analyst, Morgan Stanley: Great. Yes, two ongoing phase 3 trials. Could we discuss a bit deeper? What’s the core scientific rationale behind your regimen, and how does it aim to improve on the current standard of care for hep C?

Unidentified speaker: I think it’s a bit underappreciated, but the direct-acting antivirals that are commonly used for hepatitis C were approved about 10 years ago. Today, there are over 50 million people still with hepatitis C around the world. Within the U.S., about 2.4 to 4 million people are estimated to have hepatitis C. What’s even more disturbing, perhaps, is that that number continues to increase. There are some reasons for this. I think the patients who were first treated when the direct-acting antivirals were approved were largely baby boomers. The population has changed and has now skewed younger. Most of the patients are now in their 30s and 40s. It’s interesting that they’re much more medically complex than those patients who were previously. Approximately 80% of them are on concomitant medications.

This becomes important because for the prescriber having to treat these patients, they’re looking for ways to treat them effectively with problems with adherence and also problems often with the history on potential drug-drug interactions. Looking for a profile which is simple, effective, and easy to take for this patient population is key. The World Health Organization and health organizations around the world have initiatives to eradicate hepatitis C, ideally by 2030. In order to do this, they are looking for a test and treat model. We believe that our regimen of bemnifosbuvir, our nucleoside analog, and ruzasvir, which is a highly potent NS5A, is ideally suited to the test and treat model. Our regimen is highly potent, once a day, short treatment course, eight weeks, and minimizes drug-drug interactions. We have a really superior drug-drug interaction profile and no food effects.

We see ourselves as ideally positioned to be able to help eradicate hepatitis C moving forward. I’m sure we’ll go into some of the details.

Janet Hammond, Atea: I think what we have right now is the best regimen for most patients. That’s what we’re going to potentially offer, which is a short course, eight weeks, with a good profile, with no drug-drug interactions, so very low potential for drug-drug interactions, and no food effects. We’re going to be coming with a regimen that brings the best of both worlds of what’s out there.

Max Skor, Analyst, Morgan Stanley: OK. Before maybe diving into the posters that were recently presented at ESOL, could we just talk about some recent market research the team has done? What does the opportunity look like? Has there been any impact from COVID, potentially?

John, Atea: Following the phase 2 data, we conducted another quantitative U.S. market research study, roughly 153 high-writers of direct-acting antivirals in the U.S. It was done by IQVIA. They selected and performed the study. What it showed was that 76% actually said they were extremely likely to prescribe the asset. When they asked them where would you prescribe it, they saw the bemnifosbuvir product being used in roughly half of the patients, regardless of their cirrhotic state. As far as for the reasons why, I mean, Janet Hammond just repeated it in terms of the potency, short duration, and basically, no drug-drug interactions. For me personally, the results were very good. What’s even more impressive was these results are consistent with our other market research, showing a profile that is really highly preferred.

Max Skor, Analyst, Morgan Stanley: It looks like, based on your KOL feedback, that doctors are looking for an alternative to the standard of care at this point.

John, Atea: Yeah, it’s really interesting. When you first talk to doctors and you say, hey, you’re happy with what you currently have, there’s two products out there. Yeah, there’s two cures. They’re actually very happy. When you show them the profile that matches what Janet and Arantxa just said, all of a sudden, it becomes, maybe their most preferred profile because they don’t have to worry about any drug-drug interactions. It is giving them eight-week cures.

Max Skor, Analyst, Morgan Stanley: OK. I think that’s a good segue into the EASL 2025 posters that were presented. These included the phase 2 efficacy and safety updates. Can you synthesize the top takeaways and how these data reinforce the eight-week regimen?

Unidentified speaker: Yes. We presented at EASL our final data from the phase 2 trial. The phase 2 trial was a single-arm trial where we looked at the regimen treated for eight weeks. We gave the patients for eight weeks in non-cirrhotics and in cirrhotics. It was a large trial for phase 2. It didn’t have a comparator because historically, hepatitis C trials didn’t do comparators. We enrolled 276 patients. We did analysis in different populations within that group. The first analysis was done at the primary endpoint, in the patients who actually took the drug, the ones as prescribed per the protocol. There, we basically have cure rates of 98%. If you look in the non-cirrhotics specifically, which is the majority of the population, we cure 99, 100% of the patients who take the drug. It’s really extraordinary results for efficacy. After that, we also did some sub-analysis.

The group of patients, for example, that were not compliant with the medication, they were taking less than 90% or even less of the drug as prescribed. Even in those patients, we had cure rates of 95% because we’re actually a regimen that’s very potent, 10 times more potent than the C4WRD regimen. We have a lot of drug forgiveness. Even if you forget your drug, we’re still going to cure 95% of the patients with only eight weeks. Those are the very exciting results that we presented there, also across genotypes. That’s what made us believe that we really needed to move to phase 3. In the phase 3, we’re moving forward now with a comparator. We’re going eight weeks versus 12 weeks.

We were expecting a superior profile because it’s a shorter regimen with the good attributes that we were speaking before, the no drug-drug interactions and/or very low potential for drug-drug interactions and no food effect.

Max Skor, Analyst, Morgan Stanley: Great. I’d like to talk about the pharmacokinetic posters, where you evaluated the drug in hepatic and renal impairment, including dialysis, suggesting no dose adjustments were needed. How do you see these findings translate to your phase 3 inclusion criteria and to a potential label?

Unidentified speaker: We’re very pleased with the results, obviously, because I think we showed that we can anticipate that you can dose patients with both hepatic and renal impairment with similar efficacy and safety and no dose adjustment. It broadens that patient population. Not only did we show the two phase 1 studies for the hepatic and renal impairment, but we also had a study where we did a phase 1 trial with bemnifosbuvir and Biktarvy. There, we showed also that with the standard HIV regimen, you can safely and efficaciously treat HIV co-infected patients. That also helps for the population for our phase 3 trial and hopefully a broad label ultimately, too.

Max Skor, Analyst, Morgan Stanley: Yes. Can you talk a bit more about the patient makeup, in a sense, based on the market research that the team has done? How many of these patients have comorbidities, understanding that, of course, it’s a challenging group to adhere to therapy at times?

Unidentified speaker: We estimate that probably 80% of patients are on concomitant medications for a variety of diseases, HIV co-infection perhaps in 10% to 20% of patients, and then a variety of other diseases. They’re not a single population. Having a broad label and an easy-to-tolerate profile is really crucial for being successful in this space, I believe.

Max Skor, Analyst, Morgan Stanley: That’s great. Just to summarize, in many ways, what I’m understanding, a potential label could be differentiated based on drug-drug interactions, the treatment regimen. Is there anything you’d like to call out?

Unidentified speaker: Yes, there’s one thing I wanted to say. We haven’t actually reported this previously. We just had the readout from our phase 1 study of bemnifosbuvir with a proton pump inhibitor, and we show no effects of proton pump inhibitor. This really does differentiate us from both of the other regimens, where there are significant cautions around using proton pump inhibitors if you should use them at all. For instance, for Epclusa, you have to separate dosing by four hours in order to achieve adequate levels. We show no effect at all. Interestingly, about 10% to 20% of the U.S. population is estimated to be taking a PPI. This is actually not trivial information. We’re really excited about that.

Max Skor, Analyst, Morgan Stanley: Yeah, that’s great. That’s very encouraging. Now pivoting to the phase 3 trials, could you just walk us through the CBYOND and C4WRD designs?

Unidentified speaker: Yes. CBYOND is a trial that we’re conducting in North America, basically the United States, the majority of the sites, 120 sites roughly, and also some sites in Canada. CBYOND is the trial that we started enrolling back in April. Everything is going on track. There is a lot of interest from investigators, a lot of excitement, also from the patients. The other trial, C4WRD, is basically the same, but it’s run outside of North America. It’s a global trial. Part of the reason is that we need to be in many different countries to lead to a completely pan-genotypic label with multiple genotypes that are found only in regions of the world, like genotype 6 in Southeast Asia, genotype 4 in North Africa. For example, we have to go to Egypt, et cetera.

That trial is going a little behind because a lot of these regions have much longer regulatory approval timelines. It’s still on track for our regulatory approvals. It’s moving forward a little bit slower for that reason. These are the two phase 3 trials with the identical design. We’re basically looking at an eight-week regimen for non-cirrhotic patients, which are the majority of patients. About 90% of patients in the world are right now non-cirrhotic. We will include as well roughly around 10%, 15% of cirrhotics. We have a broad label. The cirrhotic population is less and less frequent. These are patients that have been infected with hepatitis C for many, many years, for decades, which it takes time to inflame the liver and eventually lead into fibrosis and scarring, et cetera. It’s a population in decline.

That group of patients, we will treat for 12 weeks because it just takes longer to penetrate the liver and just to be sure that they don’t rebound. They’re a very small percentage. The majority of the patients in the trial will be treated for eight weeks versus 12 weeks with the comparator. They are dosed for eight weeks. The comparator is dosed for 12 weeks. You stop. You measure cure three months after. You have to see if the virus rebounds. You measure cure after they have been off treatment for about three months. We’re enrolling. We’re on track. We’re expecting results for the first trial sometime mid-2026, mid next year, really. The other one is coming a little bit later for the reasons I mentioned. Roughly, we’re expecting towards the end of next year.

Max Skor, Analyst, Morgan Stanley: Can you give any feedback on what you heard from regulators? How did the end of phase 2 feedback shape the phase 3 clinical trial designs?

Unidentified speaker: We had a great phase 2 meeting. It went very smoothly. The major comments were centering about how do you analyze these populations, especially in the context of a control trial because there has never been a control trial for hepatitis C before, a registration or control trial. How do you do the analysis and that kind of discussion was very insightful. We are getting also the approvals ex-U.S. through the EMEA, et cetera. That is also going very well. There was one thing that was very interesting. Talking about differentiation, we talked about food effect. We talked about drug-drug interaction. There is a genotype, genotype 3 in particular, that can be very resistant.

The FDA asked us not to take those patients and not to treat them with a control, not to treat them with Epclusa, but to just give them our regimen because our regimen is 10 times more potent. Resistance in that subgroup may also be a differentiation factor. Overall, it was a great meeting. We advanced very quickly. We started enrolling in April, right after. It didn’t require a lot of modification.

Max Skor, Analyst, Morgan Stanley: What percentage of these genotype 3 patients will be enrolled in the U.S. study?

Unidentified speaker: You can find genotype 3 patients in the U.S., particularly in immigrant populations. The majority of them come from places like Pakistan. Pakistan has a very high population of genotype 3. In Pakistan, we had excellent results in phase 2, where we enrolled a significant amount of genotype 3s that did very well. In particular, the non-cirrhotics, we had 100% cure if they took the drug. Obviously, when they start not taking the drug, it goes down a little bit from maybe 99% to 95%, but still very remarkable.

Max Skor, Analyst, Morgan Stanley: OK. Diving a bit deeper into the comparator arm and the overall margin for success, could you speak to what non-inferiority margin and superiority hurdles you’re targeting?

Unidentified speaker: We agreed with the FDA on study design endpoints and a non-inferiority margin. The non-inferiority margin is compatible with going against an active comparator with a high efficacy rate. I think that’s what they’ll say there. I think really, when you look at what we’re doing, the profile of our combination is so vastly superior to Epclusa that the statistical study may be designed for non-inferiority, but the profile that we’re describing of a highly potent once-a-day regimen with minimal drug interactions is superior. That’s really where we want to focus going forward.

Max Skor, Analyst, Morgan Stanley: Can you remind me in regards to the competition out there, the two players that are currently on the market, what is their IP position and your own IP position in that regard?

Janet Hammond, Atea: Max, you’re correct. There are two dominant players. One is Epclusa, and the other is Mavyret. They have IP patent protection until 2034. You also likely know that Gilead has an authorized generic. This is not a true generic product. It is a captive product from Gilead. We’re not competing immediately against generics. The first generics wouldn’t be available until 2034 or beyond.

Max Skor, Analyst, Morgan Stanley: OK. That’s helpful. Remind me for the combination from Atea what the IP position there is.

Janet Hammond, Atea: Ours will go to 2042.

Max Skor, Analyst, Morgan Stanley: Yes. OK. That’s what I thought. Could we just talk about the patient journey overall, specifically in the United States, where these patients are being identified, how the treatment regimen is currently being rolled out, and where potentially you can make the greatest impact?

Unidentified speaker: Janet?

Janet Hammond, Atea: I think the patients are everywhere. I think the problem is diagnosing and identifying them. The ACIP guidelines suggest that everybody over the age of 30, I think it is, should be screened for hepatitis C at least once. I think it’s the tip of the iceberg, unfortunately, that’s getting treated. It’s about a static number of patients who are being treated every year, about 100,000 patients. Actually, the incidence is increasing. There are more patients infected every year than are actually being treated. The pool of patients is actually quite a lot more than that and continues to grow. John, you might want to talk a little bit about the demographics as to how you see that in terms of a third being, I’ve heard you say this, a third Medicare, a third Medicaid, and a third in private.

John, Atea: Yeah, no. That’s how the market kind of breaks out right now. They like to think about it that way, a third Medicare, a third Medicaid, and a third commercial lives. It really does touch all aspects of society. I will mention that it’s now becoming a top priority for the U.S. government right now. There are initiatives in Congress, the White House, and at the CDC to start addressing hepatitis C and to try to figure out the best ways to do test and treat to get to a lot of these patient populations. It is becoming a priority for them.

Max Skor, Analyst, Morgan Stanley: I’ve seen the headlines around that, too. Can you speak to a bit more what those efforts look like, timelines around that, and how that could shape the prescribing dynamic?

John, Atea: Sure. Right now in the Senate, I think it’s roughly a $10 billion bill that will be divided up between treatment as well as trying to figure out ways to better address the patient population. That one, it’s just right now, the bill is written. It’s targeting prison populations, other types of Medicaid populations. It’s just still a bill right now. The White House is doing something different. That’s actually right now, that’s $100 million. That’s an initiative right now to figure out what is the best way to go after difficult-to-treat populations, such as people who have used drugs and other types of conditions. Finally, you have the CDC trying to pull together a two-day meeting, which is going to take place rather soon, to figure out what is the best way that we can increase the adherence to these and treatment for hepatitis C in the United States.

Up to 4 million, as you know, we have right now. As Janet said, it’s only increasing every year. We didn’t state it, but the obvious is that if you let a patient go with hepatitis C, it’s the leading cause of hepatocellular carcinoma in the United States. If you treat them now, or you’re going to spend a lot more money treating them later.

Max Skor, Analyst, Morgan Stanley: OK. That’s helpful. Going back to a bit of feedback around the end of phase 2 meeting, what are the key end of phase 2 agreements with the FDA, such as endpoint, analysis sets, safety databases? Do you foresee pooling the two data sets to go to regulators and potentially get approval? How will that inform the ultimate label?

Unidentified speaker: Yes, as I said, we did agree with them around endpoints and study design and non-inferiority margins. We’re part of 90% with this study. We’re aiming to pool the two studies, and we think that will give us a broad label. Obviously, depending on the data that comes out, we anticipate a broad label encompassing all genotypes, patients with and without cirrhosis, current active patients, and then potentially with our broad array of phase 1 studies, also a broad label in terms of the medications that can be co-administered safely with the regimen. We think it’s going to be a broad label, which will be suitable for the majority of patients with hepatitis C, obviously.

Max Skor, Analyst, Morgan Stanley: OK. Do you think there’ll be the necessity for running another study for special populations, such as we discussed renal impairment, HIV, HIV?

Unidentified speaker: We’re including current active patients in the trial. They should be part of the label that we achieve. I don’t believe that we’ll need to because I think the phase 1 data are sufficiently good that we should have indications for patients with both renal and hepatic impairment. I think for the vast majority of patients, this will be a really good treatment.

Max Skor, Analyst, Morgan Stanley: OK. One follow-up question regarding the FDA and ex-US regulators. Where do you think they land on label languaging around drug-drug interactions or contraindications, cautions versus the 8 and the 12-week regimen? Do you think there’ll be anything you would elaborate on or predict would come out in the labeling discussions around that?

Unidentified speaker: We are anticipating that for patients with cirrhosis, our regimen is going to be efficacious for 12 weeks. We would ultimately expect that for the vast majority of patients, as Arantxa said, are non-cirrhotic, that our treatment regimen will be eight weeks for everybody apart from patients with compensated cirrhosis, where the treatment duration would be 12 weeks. That is what the studies are being designed to show. It will replicate what we are studying in our trial.

Max Skor, Analyst, Morgan Stanley: OK. Moving on to the financials, you have, I would say, a significant cash position with around $279 million after the second quarter, guiding to a runway through 2027. Any commentary around capital allocation, BD activities, anything?

Janet Hammond, Atea: Sure. Thanks, Max. The cash balance at the end of June was $379 million.

Max Skor, Analyst, Morgan Stanley: What did I say?

Janet Hammond, Atea: $279.

Max Skor, Analyst, Morgan Stanley: Oh, sorry.

Janet Hammond, Atea: A little bit of debt.

Max Skor, Analyst, Morgan Stanley: I did comment that it was significant.

Janet Hammond, Atea: Thanks for that. We’ve been very careful stewards of those funds. Currently, for capital allocation, our main focus is, as you can appreciate, on the phase 3 program and the completion of that. We expect that program in its entirety will use approximately $200 million. There is more than sufficient capital on the balance sheet right now to allow us to complete a study and the program, get to the NDA approval, and prepare for the commercial launch. We’re quite fortunate in that regard. With regard to BD activity, we are opportunistic, of course. We’re always looking for something that might fit in our suite of products. We have a really high bar. We’ll first assess for BD activities for an in-licensing activity, something that has a large commercial opportunity and then would need to be best or first in class.

Our expertise is in the antiviral space, and we’re focused in that area. We’re not deviating to other things. We also have a strategic process ongoing that will allow us to potentially evaluate partnerships that would assist us with the commercialization of our assets. We expect those discussions to get a jump start once we’ve had the phase 3 results. They’ve been very positive up till this point. In order to maximize the value of the asset and ensure that we get the proper partner, because this is such a special asset, we want to make sure that we treat it with that care and not enter into a deal with haste. We’re going to wait to get those phase 3 results before we include any partnership.

Max Skor, Analyst, Morgan Stanley: OK. Could you elaborate a bit on what the partnership potentially could look like ex-U.S., any commentary there?

Janet Hammond, Atea: Ex-US, for sure. We’ve always said that we would be looking for ex-US partner, and that would be a full partnership. That partner would get full rights to the non-US assets. For the US, we’re open to a number of different strategies and different structures. One that would make sure that we have maximizing the value of the asset would be our ideal.

Max Skor, Analyst, Morgan Stanley: OK. Just to conclude in this sense, over the next 12, let’s say 18 months, we have the phase 3 readout coming, U.S. first, ex-U.S., Canada first, and then ex-U.S. What other meaningful inflection points would you call out over the next 12 to 18 months?

Janet Hammond, Atea: We have a couple coming up in November. We’ll be at AASLD, which is the largest U.S. meeting, similar to EASL, in the spring of 2026. We’ll be there as well, and we’ll have additional KOL events. The most near term will be in November as well. We recently had a KOL event in May. It’s still on the website. It gave us an opportunity to engage with six key opinion leaders there, and we’re going to continue that work as we await the results from the phase 3 trial.

Max Skor, Analyst, Morgan Stanley: From my perspective, the data has been significant. The opportunity is obviously there. We have two competitors in the space. What do you think investors are kind of missing on this story overall?

Janet Hammond, Atea: We wish we knew. For those that are with us, this is a great opportunity, we believe. The phase 3 readout’s imminent. It’s the realization of objectives we’ve had since inception of the company, and we’re very much looking forward to an exciting 2026.

Max Skor, Analyst, Morgan Stanley: OK. If you don’t mind, I’d like to move on to three survey questions we’re asking most of our companies. With China’s rise in biotech innovation, how are you thinking about your competitive position here? Will it influence your R&D or BD strategy?

Janet Hammond, Atea: Probably not for us. Our BD strategy is not being impacted by China. Our R&D, we hope to be complete with that soon.

Max Skor, Analyst, Morgan Stanley: OK. How are you currently leveraging AI or thinking about AI’s future disruptive potential?

Janet Hammond, Atea: Yeah, we’re all learning about AI, right? It’s a whole new opportunity for all of us. It’s likely to come into an area where John is the expert as we see changes in the commercial structure and arrangements. For us, AI is we’re using it in our early discovery activities, where we have some interesting opportunities that we’re exploring. We continue to use the historic methods as well, right? We’re not completely dependent upon AI. It’s an emerging technology. We’re still using the expertise of our internal team.

Max Skor, Analyst, Morgan Stanley: That’s great. Lastly, what has been most impactful from the regulatory side, would you say FDA, MFN, or tariffs? Granted, some of them may not apply to you at the moment, but maybe in the future.

Janet Hammond, Atea: We don’t know. The landscape is such evolving. We are uniquely positioned, we think, among the HCV manufacturers that we have U.S. manufacturing right now. That we think is an advantage for us as we approach this evolving landscape. MFN, we’ll see really how that landscape evolves. To the extent that MFN includes prices in Europe, we shouldn’t be negatively impacted by that. To the extent we’re doing U.S. domestic manufacturing, tariffs should be of less concern.

Max Skor, Analyst, Morgan Stanley: the FDA, I think we spoke to it previously. Just in regards to interactions with the FDA, have things.

Janet Hammond, Atea: I’ll leave this to my colleagues here. The basic take is that we have not been impacted by the staff reductions at the FDA, at least up until this point, and our engagements have been very, very constructive.

Max Skor, Analyst, Morgan Stanley: OK.

Unidentified speaker: Responsive. I mean, no delays.

Max Skor, Analyst, Morgan Stanley: OK. Last question. Anything I missed? Anything of investor interest you think that I overlooked?

John, Atea: No, I think you’re pretty thorough.

Max Skor, Analyst, Morgan Stanley: OK. Great. Thank you very much for attending. I really appreciate it.

Janet Hammond, Atea: Great. Thank you.

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