Full Press Release Details
Atara Biotherapeutics Announces First Quarter 2020 Financial Results and Operational Progress
- Company to host conference call today at 4:30 p.m. EST -
SOUTH SAN FRANCISCO, Calif., May 6, 2020 - Atara Biotherapeutics, Inc. (Nasdaq: ATRA), a pioneer in T-cell immunotherapy, leveraging its novel allogeneic EBV T-cell platform to develop transformative therapies for patients with severe diseases including solid tumors, hematologic cancers and autoimmune disease, today reported financial results for the first quarter ended March 31, 2020 and recent business highlights.
"It is with tremendous pride that I acknowledge the commitment and resiliency of our entire Atara team. We have remained focused on our mission to serve patients and implemented industry-leading practices to ensure safety while mitigating the impact of COVID-19 on our business," said Pascal Touchon, President and Chief Executive Officer of Atara. "We have made great progress in Q1 toward accomplishing our key objectives and are well-poised to achieve significant milestones throughout the year as we expect to initiate the tab-cel biologics license application (BLA) submission in the second half of 2020 and are eager to present further results from the ATA188 Phase 1a study in progressive multiple sclerosis in Q2. Such momentum in developing innovative off-the-shelf allogeneic T-cell immunotherapies has also supported our ability to attract top talent including a non-executive board chair and general counsel."
Recent Highlights and Anticipated Upcoming Milestones
COVID-19 Response and Actions
Board and Executive Appointments
Tab-cel (tabelecleucel)
ATA188 for Progressive Multiple Sclerosis (MS)
ATA2271/ATA3271 and ATA3219 CAR T Programs
First Quarter 2020 Financial Results
About Atara Biotherapeutics
Conference Call and Webcast Information
Atara will host a live conference call and webcast today at 4:30 p.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 5488522. A live audio webcast can be accessed by visiting the Investors & Media - News & Events section of atarabio.com. An archived replay will be available on the Company's website for 14 days following the live webcast.
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 anticipated impact of the COVID-19 pandemic on our business, operations, results, research and clinical development plans and timelines; Atara's ability to deliver on key milestones relating to tab-cel , including (i) discussing the BLA submission with the FDA prior to the BLA submission, (ii) the timing and plan of opening new clinical sites for enrollment in the US, Canada and Europe, (iii) the timing and plan of submitting an EU MAA, (iv) initiating enrollment in a Phase 2 multi-cohort study, (v) the timing and results of additional clinical data, and (vi) the timing of BLA submissions for tab-cel for patients with EBV+ PTLD; the potential benefits and efficacy of Atara's drug candidates; and the timing, enrollment and results of additional data from Atara's clinical trials, including the timing of MSK's submission of an IND to the FDA; and the sufficiency of our cash, cash equivalents and short-term investments for our operations into the second quarter of 2021. These forward-looking statements are subject to risks and uncertainties, including, without limitation, risks and uncertainties associated with the costly and time-consuming pharmaceutical product development process and the uncertainty of clinical success; the COVID-19 pandemic, which may significantly impact (i) our business, research, clinical development plans and operations, including our operations in South San Francisco and Southern California and at our clinical trial sites, as well as the business or operations of our third-party manufacturer, contract research organizations or other third parties with whom we conduct business, (ii) our ability to access capital, and (iii) the value of our common stock; the sufficiency of Atara's cash resources and need for additional capital; and other risks and uncertainties affecting Atara's and its development programs, including those discussed in the sections titled "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 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, | |||||||
| 2020 | 2019 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 70,203 | $ | 74,317 | ||||
| Short-term investments | 144,428 | 184,792 | ||||||
| Restricted cash - short-term | 194 | 194 | ||||||
| Prepaid expenses and other current assets | 14,392 | 13,689 | ||||||
| Total current assets | 229,217 | 272,992 | ||||||
| Property and equipment, net | 54,442 | 54,176 | ||||||
| Operating lease assets | 13,691 | 14,007 | ||||||
| Restricted cash - long-term | 1,200 | 1,200 | ||||||
| Other assets | 997 | 567 | ||||||
| Total assets | $ | 299,547 | $ | 342,942 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 8,079 | $ | 7,963 | ||||
| Accrued compensation | 9,676 | 14,706 | ||||||
| Accrued research and development expenses | 7,827 | 8,341 | ||||||
| Other current liabilities | 5,938 | 5,733 | ||||||
| Total current liabilities | 31,520 | 36,743 | ||||||
| Operating lease liabilities - long-term | 13,809 | 14,136 | ||||||
| Other long-term liabilities | 1,396 | 1,282 | ||||||
| Total liabilities | 46,725 | 52,161 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Common stock | 6 | 6 | ||||||
| Additional paid-in capital | 1,144,082 | 1,108,516 | ||||||
| Accumulated other comprehensive income | 204 | 220 | ||||||
| Accumulated deficit | (891,470 | ) | (817,961 | ) | ||||
| Total stockholders' equity | 252,822 | 290,781 | ||||||
| Total liabilities and stockholders' equity | $ | 299,547 | $ | 342,942 |
Atara Biotherapeutics, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share amounts)
| Three Months Ended March 31, | ||||
| 2020 | 2019 | |||
| Operating expenses: | ||||
| Research and development | $ 57,659 | $ 48,668 | ||
| General and administrative | 17,038 | 19,223 | ||
| Total operating expenses | 74,697 | 67,891 | ||
| Loss from operations | (74,697) | (67,891) | ||
| Interest and other income, net | 1,188 | 1,634 | ||
| Net loss | (73,509) | (66,257) | ||
| Unrealized (loss) gain on available-for-sale securities | (16) | 378 | ||
| Comprehensive loss | $ (73,525) | $ (65,879) | ||
| Net loss per common share: | ||||
| Basic and diluted net loss per common share | $ (1.20) | $ (1.44) | ||
| Weighted-average shares outstanding used to calculate basic and diluted net loss per common share | 61,208 | 46,124 |
INVESTOR & MEDIA CONTACTS:
Head, Corporate Communications
Atara Biotherapeutics
Vice President, Investor Relations and Finance
Atara Biotherapeutics