Full Press Release Details
Atara Biotherapeutics Announces First Quarter Financial Results and Operational Progress
Atara has transferred all manufacturing responsibility to Pierre Fabre Laboratories, including all costs associated with the manufacturing
and supply of tabelecleucel for development and commercialization worldwide
Atara expects to reduce its operating expenses
year-over-year by approximately 65% in 2025 as a result of implemented cost reduction initiatives
Atara has entered into an
underwriting agreement for an offering with expected gross proceeds of $16 million that Atara believes is sufficient to fund the ongoing activities required to achieve potential BLA approval
THOUSAND OAKS, Calif. May 15, 2025 Atara Biotherapeutics, Inc. (Nasdaq: ATRA), a leader in T-cell
immunotherapy, leveraging its novel allogeneic Epstein-Barr virus (EBV) T-cell platform to develop transformative therapies for patients with cancer and autoimmune diseases, today reported financial results
for the first quarter 2025 and business updates.
We are pleased that we have secured additional financing that is expected to extend our cash
runway through the first quarter of 2026 said Cokey Nguyen Ph.D., President and Chief Executive Officer of Atara. This enables Atara to continue to work to reduce costs and liabilities while maintaining the required support to achieve
potential BLA approval.
Tabelecleucel (tab-cel or EbvalloTM) for Post-Transplant Lymphoproliferative Disease (PTLD)
Programs Discontinued
Strategic Option Evaluation: As communicated in January and March, Atara engaged a well-known financial advisor to support the assessment of a range of
strategic options, which may include, but are not limited to, an acquisition, merger, reverse merger, other business combinations, sale of assets, or other strategic transactions. In April 2025, Atara paused its review of strategic options, pending
the Type A meeting with the FDA which is scheduled in the second quarter of 2025, to discuss the plan to address the issues raised by the FDA in the CRL and the path forward for resubmission of the EBVALLOTM BLA.
Organizational Restructuring: In May 2025, Atara implemented a strategic restructuring to
further reduce operating expenses and due to the winddown of the CAR T programs. This restructuring resulted in a company-wide workforce reduction of approximately 30%, retaining approximately 23 personnel essential to execute on its remaining
transition responsibilities under the EBVALLOTM collaboration with Pierre Fabre Laboratories, including as the BLA holder until approval.
Financial Update: Atara has entered into an underwriting agreement for the issuance and sale of 834,237 shares of its common stock at a purchase price
of $6.61 per share and the issuance and sale of pre-funded warrants to purchase up to 1,587,108 shares of its common stock at a purchase price of $6.6099 per share, representing fair market value based on
closing, to entities affiliated with Adiumentum Capital Management, EcoR1 Capital, Panacea Venture and Redmile Group. The proceeds to Atara from the offering are expected to be $16 million, before deducting underwriting discounts and
commissions and estimated offering expenses payable by Atara. Atara currently intends to use the net proceeds from the offering to fund its ongoing activities required to achieve biologics license application (BLA) approval for tab-cel, and for
working capital and general corporate purposes. The offering is expected to close on May 16, 2025, subject to the satisfaction of customary closing conditions.
First Quarter 2025 Financial Results
2025 Outlook and Cash Runway
About Atara Biotherapeutics, Inc.
the natural power of the immune system to develop off-the-shelf cell therapies for
difficult-to-treat cancers and autoimmune conditions that can be rapidly delivered to patients from inventory. With cutting-edge science and differentiated approach,
Atara is the first company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy. Our advanced and versatile T-cell platform does not require
T-cell receptor or HLA gene editing and forms the basis of a diverse portfolio of investigational therapies that target EBV, the root cause of certain diseases. Atara is headquartered in Southern California.
For more information, visit atarabio.com and follow @Atarabio on X and LinkedIn.
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: (1) the development, timing and progress of tab-cel , including the anticipated resubmission of the BLA to the FDA; (2) Atara s cash runway, receipt of potential
milestone payments, and operating expenses, including Atara s ability to fund its planned operations into the first quarter of 2026; and (3) Atara s planned transition of substantially all remaining activities relating to EBVALLO to
Pierre Fabre and the timing thereof; (4) Atara s planned cost reduction strategies; and (5) the anticipated closing of the underwritten offering, as well as the proceeds and anticipated use of proceeds therefrom. Because such
statements deal with future events and are based on Atara s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Atara 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, without limitation, risks related with the timing of the transfer of all operational activities related to EBVALLO
to Pierre Fabre, with any delay creating additional expenses and cash needs for Atara; risks and uncertainties associated with the costly and time-consuming pharmaceutical product development process and the uncertainty of clinical success; risks
related to FDA feedback and the ability of Atara, Pierre Fabre and Pierre Fabre s third-party manufacturer to address issues identified in the CRL; our ability to access capital, and the sufficiency of Atara s cash resources and access to
additional capital on favorable terms or at all; and other risks and uncertainties affecting Atara, including those discussed in Atara s filings with the Securities and Exchange Commission, 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 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, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 13,841 | $ | 25,030 | ||||
| Short-term investments | 17,466 | |||||||
| Restricted cash | 146 | 146 | ||||||
| Accounts receivable | 8,875 | 1,482 | ||||||
| Inventories | 10,655 | |||||||
| Other current assets | 4,320 | 10,115 | ||||||
| Total current assets | 27,182 | 64,894 | ||||||
| Property and equipment, net | 285 | 1,294 | ||||||
| Operating lease assets | 31,727 | 39,807 | ||||||
| Other assets | 2,844 | 3,103 | ||||||
| Total assets | $ | 62,038 | $ | 109,098 | ||||
| Liabilities and stockholders equity (deficit) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,384 | $ | 4,367 | ||||
| Accrued compensation | 4,599 | 6,589 | ||||||
| Accrued research and development expenses | 1,783 | 7,984 | ||||||
| Deferred revenue | 15,983 | 95,092 | ||||||
| Other current liabilities | 24,143 | 20,542 | ||||||
| Total current liabilities | 47,892 | 134,574 | ||||||
| Deferred revenue - long-term | ||||||||
| Operating lease liabilities - long-term | 26,708 | 29,914 | ||||||
| Liability related to the sale of future revenues - long-term | 39,383 | 38,624 | ||||||
| Other long-term liabilities | 3,127 | 3,269 | ||||||
| Total liabilities | $ | 117,110 | $ | 206,381 | ||||
| Stockholders (deficit) equity: | ||||||||
| Common stock | 1 | 1 | ||||||
| Additional paid-in capital | 1,961,470 | 1,957,261 | ||||||
| Accumulated other comprehensive loss | 8 | |||||||
| Accumulated deficit | (2,061,543 | ) | (2,054,553 | ) | ||||
| Total stockholders (deficit) equity | (55,072 | ) | (97,283 | ) | ||||
| Total liabilities and stockholders (deficit) equity | $ | 62,038 | $ | 109,098 |
ATARA BIOTHERAPEUTICS, INC.
Consolidated Statements of Operations and Comprehensive Loss
thousands, except per share amounts)
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Commercialization revenue | $ | 98,149 | $ | 27,357 | ||||
| Costs and operating expenses: | ||||||||
| Cost of commercialization revenue | 20,439 | 1,985 | ||||||
| Research and development expenses | 27,443 | 45,506 | ||||||
| General and administrative expenses | 11,475 | 11,113 | ||||||
| Total costs and operating expenses | 59,347 | 58,604 | ||||||
| Income (loss) from operations | 38,802 | (31,247 | ) | |||||
| Interest and other income, net | (792 | ) | (481 | ) | ||||
| Total other income (expense), net | (792 | ) | (481 | ) | ||||
| Income (loss) before provision for income taxes | 38,010 | (31,728 | ) | |||||
| Provision for income taxes | 24 | |||||||
| Net income (loss) | $ | 38,010 | $ | (31,752 | ) | |||
| Other comprehensive gain (loss): | ||||||||
| Unrealized gain (loss) on available-for-sale securities | (8 | ) | 149 | |||||
| Comprehensive income (loss) | $ | 38,002 | $ | (31,603 | ) | |||
| Basic net income (loss) per common share | $ | 3.53 | $ | (5.65 | ) | |||
| Diluted net income (loss) per common share | $ | 3.50 | $ | (5.65 | ) | |||
| Basic weighted-average shares outstanding | 10,764 | 5,623 | ||||||
| Basic and diluted weighted-average shares outstanding | 10,851 | 5,623 |
Investor and Media Relations
Sr. Director, Strategy and Operations