- **Phase III Progress**: On track for North American enrollment completion next month, with top-line results expected mid-2026.
- **Dual Mechanism Innovation**: Bemnifosbuvir inhibits both viral replication and assembly secretion, offering superior potency and resistance to NS5A mutations.
- **HEV Pipeline Expansion**: Two new candidates with 20x potency over ribavirin target unmet needs in immunocompromised patients.
- **Financial Strength**: $329.3 million cash runway through 2027, supporting Phase III execution and new program launches.
- **Strategic Differentiation**: No interaction with acid reducers, addressing 35% of HCV patients who use such medications.

**【Management Opening Remarks】**
- Jonae Barnes provided an overview of the call, highlighting the company's Phase III program progress, financial results, and new research findings. She emphasized the strong cash position of $329.3 million, providing runway through 2027.

**【CEO Summary Section】**
- Jean-Pierre Sommadossi highlighted the Phase III program for HCV treatment, with enrollment on track for completion in North America next month and top-line results expected mid-2026. He announced new dual mechanism of action data for bemnifosbuvir, showing inhibition of viral assembly and secretion, and the expansion of the pipeline to include two new HEV candidates.

**【CDO Financial Commentary】**
- Janet Hammond detailed the Phase III program's design, comparing the regimen to Epclusa, and highlighted data showing no interaction with proton pump inhibitors, a key differentiator. She also mentioned a virtual panel discussion on HCV treatment needs.

**【CMO Financial Commentary】**
- Maria Horga provided updates on the global Phase III trials (C-BEYOND and C-FORWARD), emphasizing the regimen's convenience and efficacy. Enrollment is expected to complete mid-2026, with results by late 2026.

**【CEO Dual Mechanism Update】**
- Jean-Pierre presented in vitro data showing bemnifosbuvir's dual mechanism of action, blocking both intracellular replication and viral assembly secretion, which may explain its higher potency compared to sofosbuvir.

**【CCO New Pipeline Expansion】**
- John Vavricka discussed the unmet need for HEV treatments in immunocompromised patients, presenting two new candidates with 20x higher potency than ribavirin. IND-enabling studies are ongoing.

**【CFO Financial Update】**
- Andrea Corcoran reported Q3 2025 financials: R&D expenses increased due to Phase III spending, G&A decreased due to lower stock-based compensation. The company completed a $25 million share repurchase program and maintains a strong cash position.

**【Q&A Highlights】**
- **Differentiation from Epclusa**: Janet Hammond emphasized the regimen's lack of interaction with acid reducers, a significant advantage over Epclusa. 
- **Genotype 3 Efficacy**: Jean-Pierre noted faster time to undetectable in genotype 3 patients, potentially due to the dual mechanism and historical in vitro potency against genotype 3.


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