Given the global shortage of nirmatrelvir–ritonavir for COVID, alternative antivirals are in demand. This phase 3 randomized trial compared VV116 to nirmatrelvir–ritonavir for adults with mild-to-moderate COVID-19 at risk for progression. The trial was conducted during Omicron strain prevalence (B.1.1.529). Time to clinical recovery was 4 days with VV116 versus 5 days with nirmatrelvir–ritonavir. AEs were seen in 67.4% and 77.3% of the VV116 nirmatrelvir–ritonavir groups, respectively.