Full Press Release Details
Atara Biotherapeutics Announces Second Quarter 2020 Financial Results and Operational Progress
- Company to host conference call today at 4:30 p.m. EDT -
SOUTH SAN FRANCISCO, Calif., August 5, 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 second quarter ended June 30, 2020 and recent business highlights.
"I am proud of the continued tremendous progress made by Atara's team in delivering on our strategic priorities and on our mission to bring transformative therapies to patients with severe diseases," said Pascal Touchon, President and Chief Executive Officer of Atara. "We remain on track to initiate a BLA submission for tab-cel for patients with EBV+ PTLD by the end of 2020, despite the COVID-19 outbreak. During the quarter we also reported positive ATA188 clinical data in progressive multiple sclerosis at EAN, successfully completed a follow-on financing, made key executive and board hires, and progressed our CAR T programs closer to the clinic."
Recent Highlights and Anticipated Upcoming Milestones
Tab-cel (tabelecleucel)
Post-transplant lymphoproliferative disease (PTLD)
Tab-cel Potential Additional Indications
ATA188 for Progressive Multiple Sclerosis (MS)
ATA2271/ATA3271 (Solid tumors)
Executive and Board Appointments
Second Quarter 2020 Financial Results
About Atara Biotherapeutics, Inc.
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 9355679. 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: Atara's ability to deliver on key milestones relating to tab-cel , including (i) conducting an interim analysis of the tab-cel Phase 3 study and discussing the totality of tab-cel data with the FDA prior to initiating the BLA submission, (ii) discussions with the EMA regarding a PIP under the PRIME mechanism for the EMA,, (iii) the timing and plan of submitting an EU MAA, (iv) initiating enrollment in a Phase 2 multi-cohort study and potentially expanding tab-cel into other indications, (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; the timing, enrollment and results of additional data from Atara's clinical trials; and the sufficiency of our cash, cash equivalents and short-term investments for our operations into 2022. 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 manufacturers, 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
| June 30, | December 31, | |||||||
| 2020 | 2019 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 74,511 | $ | 74,317 | ||||
| Short-term investments | 273,201 | 184,792 | ||||||
| Restricted cash - short-term | 194 | 194 | ||||||
| Prepaid expenses and other current assets | 11,081 | 13,689 | ||||||
| Total current assets | 358,987 | 272,992 | ||||||
| Property and equipment, net | 53,587 | 54,176 | ||||||
| Operating lease assets | 13,321 | 14,007 | ||||||
| Restricted cash - long-term | 1,200 | 1,200 | ||||||
| Other assets | 1,016 | 567 | ||||||
| Total assets | $ | 428,111 | $ | 342,942 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,106 | $ | 7,963 | ||||
| Accrued compensation | 12,657 | 14,706 | ||||||
| Accrued research and development expenses | 8,244 | 8,341 | ||||||
| Other current liabilities | 5,677 | 5,733 | ||||||
| Total current liabilities | 31,684 | 36,743 | ||||||
| Operating lease liabilities - long-term | 13,420 | 14,136 | ||||||
| Other long-term liabilities | 1,882 | 1,282 | ||||||
| Total liabilities | 46,986 | 52,161 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Common stock | 7 | 6 | ||||||
| Additional paid-in capital | 1,349,234 | 1,108,516 | ||||||
| Accumulated other comprehensive income | 810 | 220 | ||||||
| Accumulated deficit | (968,926 | ) | (817,961 | ) | ||||
| Total stockholders' equity | 381,125 | 290,781 | ||||||
| Total liabilities and stockholders' equity | $ | 428,111 | $ | 342,942 |
Atara Biotherapeutics, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 61,560 | $ | 52,251 | $ | 119,219 | $ | 100,919 | ||||||||
| General and administrative | 16,392 | 23,284 | 33,430 | 42,507 | ||||||||||||
| Total operating expenses | 77,952 | 75,535 | 152,649 | 143,426 | ||||||||||||
| Loss from operations | (77,952 | ) | (75,535 | ) | (152,649 | ) | (143,426 | ) | ||||||||
| Interest and other income, net | 497 | 1,207 | 1,685 | 2,841 | ||||||||||||
| Loss before provision for income taxes | (77,455 | ) | (74,328 | ) | (150,964 | ) | (140,585 | ) | ||||||||
| Provision for income taxes | 1 | - | 1 | - | ||||||||||||
| Net loss | $ | (77,456 | ) | $ | (74,328 | ) | $ | (150,965 | ) | $ | (140,585 | ) | ||||
| Other comprehensive loss: | ||||||||||||||||
| Unrealized gain (loss) on available-for-sale securities | 606 | 135 | 590 | 513 | ||||||||||||
| Comprehensive loss | $ | (76,850 | ) | $ | (74,193 | ) | $ | (150,375 | ) | $ | (140,072 | ) | ||||
| Net loss per common share: | ||||||||||||||||
| Basic and diluted net loss per common share | $ | (1.14 | ) | $ | (1.60 | ) | $ | (2.34 | ) | $ | (3.04 | ) | ||||
| Weighted-average shares outstanding used to calculate basic and diluted net loss per common share | 67,975 | 46,426 | 64,592 | 46,276 |
Vice President, Investor Relations & Finance
Atara Biotherapeutics
Head, Corporate Communications
Atara Biotherapeutics