Full Press Release Details
Atara Biotherapeutics Announces First Quarter 2019 Financial Results and Recent Operational Progress
SOUTH SAN FRANCISCO, Calif., May 9, 2019 - Atara Biotherapeutics, Inc. (Nasdaq: ATRA), a leading off-the-shelf, allogeneic T-cell immunotherapy company developing novel treatments for patients with cancer, autoimmune and viral diseases, today reported financial results for the first quarter of 2019 and recent operational highlights.
"We have made important progress advancing our T-cell immunotherapy programs across our three major value drivers: tab-cel , multiple sclerosis and next-generation CAR T," said Isaac Ciechanover M.D., Chief Executive Officer and President of Atara Biotherapeutics. "Discussions with EMA and FDA to align on a tab-cel global regulatory strategy for patients with Epstein-Barr virus associated post-transplant lymphoproliferative disease are progressing, with outcomes of these discussions expected in the first half of 2019. We are also looking forward to upcoming clinical milestones for our off-the-shelf, allogeneic ATA188 Phase 1 program in progressive multiple sclerosis with initial safety and efficacy results expected this year. In addition, recent clinical results presented by our MSK collaborators reaffirm mesothelin as a promising target for patients with advanced mesothelioma and establish an important proof-of-concept advance for CAR T immunotherapy in solid tumors."
Atara continues to progress tab-cel (tabelecleucel) Phase 3 studies for patients with Epstein-Barr virus associated post-transplant lymphoproliferative disease (EBV+ PTLD), with enrollment proceeding slower than anticipated. The Company is in discussions with the European Medicines Agency (EMA) and U.S. Food & Drug Administration (FDA) regarding the development of tab cel and Atara's intention is to align on a global regulatory strategy for patients with EBV+ PTLD. Atara now plans to submit a tab cel EU conditional marketing authorization (CMA) application based on initial Phase 3 results in 2020. To ensure the integrity of the ongoing, open-label tab-cel Phase 3 study, the Company anticipates disclosing initial top-line EBV+ PTLD results following acceptance of the EMA CMA application.
"Global regulators recognize the critical need of new therapies to treat patients with EBV+ PTLD," said Dietmar Berger, M.D., Ph.D., Global Head of Research and Development of Atara Biotherapeutics. "We look forward to our continued discussions with the FDA under Breakthrough Therapy Designation and EMA based on the Priority Medicines (PRIME) regulatory pathway to bring tab cel to patients with this often life-threating disease as expeditiously as possible."
The Company is also advancing an off-the-shelf, allogeneic ATA188 Phase 1 study in patients with progressive multiple sclerosis (MS). Initial safety results for this study are expected to be presented at the 5th Congress of the European Academy of Neurology (EAN) in June 2019. Additional safety and efficacy results from this study are expected to be presented at a scientific congress in the second half of 2019.
Atara's collaborators at Memorial Sloan Kettering Cancer Center (MSK) reported positive Phase 1 clinical results for their mesothelin-targeted CAR T immunotherapy for patients with solid tumors at the American Association of Cancer Research (AACR) Annual Meeting 2019. Efficacy and safety results were presented for patients with malignant pleural mesothelioma who may also have received pembrolizumab and lymphodepleting chemotherapy. Following administration of a novel mesothelin-
targeted CAR T, MSK investigators observed a 72% response rate in a subset of these patients. Atara expects additional results from this study to be presented at the 2019 American Society of Clinical Oncology (ASCO) Annual Meeting.
Based on these encouraging results, Atara and MSK are advancing development of a next-generation, mesothelin-targeted CAR T immunotherapy using a novel 1XX CAR signaling domain and PD-1 dominant negative receptor (DNR) checkpoint inhibition technologies, with an IND expected in 2020.
Recent Highlights and Anticipated Upcoming Milestones
Tab-cel (tabelecleucel)
2019 ASCO Annual Meeting
ATA188 & ATA190 for Multiple Sclerosis (MS)
Next-Generation CAR T
First Quarter 2019 Financial Results
Conference Call and Webcast Information
Atara will host a live conference call and webcast today at 8:30 a.m. EDT to discuss the Company's financial results and recent operational highlights. Analysts and investors can participate in the conference call by dialing (888) 540-6216 for domestic callers and (734) 385-2715 for international callers, using the conference ID 1956289. A live audio webcast can be accessed by visiting the Investor Events and Presentations section of atarabio.com. An archived replay will be available on the Company's website for approximately 14 days following the live webcast.
About Atara Biotherapeutics, Inc.
Atara Biotherapeutics, Inc. (@Atarabio) is a leading off-the-shelf, allogeneic T-cell immunotherapy company developing novel treatments for patients with cancer, autoimmune and viral diseases. Atara's technology platform leverages research collaborations with leading academic institutions with the Company's scientific, clinical, regulatory and manufacturing expertise. Atara's pipeline includes tab-cel (tabelecleucel), which is in Phase 3 development for patients with Epstein-Barr virus-associated post-transplant lymphoproliferative disorder (EBV+ PTLD) as well as in earlier stage development for other EBV-associated hematologic malignancies and solid tumors, including nasopharyngeal carcinoma (NPC); T-cell immunotherapies targeting EBV antigens believed to be important for the potential treatment of multiple sclerosis; and next-generation chimeric antigen receptor T-cell (CAR T) immunotherapies. The company was founded in 2012 and is co-located in South San Francisco and Southern California. Our Southern California hub is anchored by the state-of-the-art Atara T-cell Operations and Manufacturing (ATOM) facility in Thousand Oaks, California. For additional information about the company, please visit atarabio.com.
Forward-Looking Statements
This press release contains or may imply "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. For example, forward-looking statements include statements regarding: the Company's ability to achieve clinical and regulatory milestones in 2019 and 2020; tab-cel Phase 3 enrollment and results; discussions with regulators, including the Company's ability to align on a tab-cel global regulatory strategy; the Company's plans to submit a tab-cel CMA application; the Company's ability to advance its ATA188 Phase 1 study, achieve related clinical milestones and to present related results; the Company's ability to advance development of a next-generation mesothelin-targeted CAR T therapy and to submit a related IND; the Company's plans to initiate an ATA190 study; and the sufficiency of the Company's cash, cash equivalents and short-term investments to fund operations to mid-2020. Because such statements deal with future events and are based on Atara Biotherapeutics' current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Atara Biotherapeutics could differ materially from those described in or implied by the statements in this press release. These forward-looking statements are subject to risks and uncertainties, including those discussed in Atara Biotherapeutics' filings with the Securities and Exchange Commission (SEC), including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings and in the documents incorporated by reference therein. Except as otherwise required by law, Atara Biotherapeutics disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.
Atara Biotherapeutics, Inc.
Consolidated Balance Sheets
| March 31, | December 31, | |||
| 2019 | 2018 | |||
| Assets | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ 56,168 | $ 60,698 | ||
| Short-term investments | 181,377 | 248,933 | ||
| Restricted cash - short-term | 194 | 194 | ||
| Prepaid expenses and other current assets | 13,091 | 11,664 | ||
| Total current assets | 250,830 | 321,489 | ||
| Property and equipment, net | 58,119 | 68,576 | ||
| Operating lease assets | 14,041 | - | ||
| Restricted cash - long-term | 1,200 | 1,200 | ||
| Other assets | 536 | 574 | ||
| Total assets | $ 324,726 | $ 391,839 | ||
| Liabilities and stockholders' equity | ||||
| Current liabilities: | ||||
| Accounts payable | $ 6,168 | $ 3,719 | ||
| Accrued compensation | 7,459 | 10,636 | ||
| Accrued research and development expenses | 6,194 | 19,210 | ||
| Other current liabilities | 5,354 | 6,414 | ||
| Total current liabilities | 25,175 | 39,979 | ||
| Operating lease liabilities - long-term | 14,437 | - | ||
| Other long-term liabilities | 1,180 | 13,003 | ||
| Total liabilities | 40,792 | 52,982 | ||
| Commitments and contingencies | ||||
| Stockholders' equity: | ||||
| Common stock | 5 | 5 | ||
| Additional paid-in capital | 877,133 | 866,541 | ||
| Accumulated other comprehensive gain (loss) | 38 | (340) | ||
| Accumulated deficit | (593,242) | (527,349) | ||
| Total stockholders' equity | 283,934 | 338,857 | ||
| Total liabilities and stockholders' equity | $ 324,726 | $ 391,839 |
Atara Biotherapeutics, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share amounts)
| Three Months Ended March 31, | ||||
| 2019 | 2018 | |||
| Operating expenses: | ||||
| Research and development | $ 48,668 | $ 28,460 | ||
| General and administrative | 19,223 | 13,992 | ||
| Total operating expenses | 67,891 | 42,452 | ||
| Loss from operations | (67,891) | (42,452) | ||
| Interest and other income, net | 1,634 | 1,009 | ||
| Net loss | (66,257) | (41,443) | ||
| Unrealized gain (loss) on available-for-sale securities | 378 | (373) | ||
| Comprehensive loss | $ (65,879) | $ (41,816) | ||
| Net loss per common share: | ||||
| Basic and diluted net loss per common share | $ (1.44) | $ (1.05) | ||
| Weighted-average shares outstanding used to calculate basic and diluted net loss per common share | 46,124 | 39,596 |
INVESTOR & MEDIA CONTACTS:
John Craighead, Atara Biotherapeutics
John Grimaldi, Burns McClellan
Nancie Steinberg, Burns McClellan