Atara Biotherapeutics Inc (ATRA) Announces Q3 2023 Financial Results and Expanded Global Partnership
Atara Biotherapeutics Inc (NASDAQ:ATRA) announced its Q3 2023 financial results and an expanded global partnership with Pierre Fabre Laboratories.
The company reported a net loss of $69.8 million, a decrease from the net loss of $84.1 million in the same period in 2022.
Atara is set to receive up to $640 million in additional payments from the expanded partnership and has extended its cash runway into Q3 2025.
The company is also strategically restructuring its operations to reduce expenses and focus on its pipeline.
On November 1, 2023, Atara Biotherapeutics Inc (NASDAQ:ATRA) reported its third quarter 2023 financial results and recent business highlights, including an expanded global partnership with Pierre Fabre Laboratories. The company is set to receive up to $640 million in additional payments and significant double-digit tiered royalties as a percentage of net sales from the expanded partnership. This strategic move, along with a restructuring of operations, is expected to extend Atara's cash runway into Q3 2025.
Expanded Global Partnership and Strategic Restructuring
Atara has expanded its partnership with Pierre Fabre Laboratories for the U.S. and remaining global commercial markets for tab-cel, a novel allogeneic Epstein-Barr virus (EBV) T-cell platform. The partnership includes up to $640 million in additional payments and significant double-digit tiered royalties on net sales. The company is also restructuring its operations to reduce expenses and enable organizational focus on generating value from its transformative pipeline.
Financial Highlights
Atara reported a net loss of $69.8 million, or $0.66 per share for the third quarter 2023, compared to a net loss of $84.1 million, or $0.82 per share for the same period in 2022. Cash, cash equivalents and short-term investments as of September 30, 2023, totaled $102.4 million, compared to $153.6 million as of June 30, 2023. Net cash used in operating activities was $51.3 million for the third quarter 2023, compared to $65.1 million in the same period in 2022.
Future Outlook
Atara is focusing on the advancement of ATA188 and its differentiated allogeneic CAR T (AlloCAR-T) programs. The company expects to submit the tab-cel post-transplant lymphoproliferative disease (PTLD) BLA in Q2 2024. Atara is also progressing efforts toward a potential clinical study evaluating ATA3219 in autoimmune disease in parallel with NHL development.
About Atara Biotherapeutics Inc (NASDAQ:ATRA)
Atara Biotherapeutics, Inc. is 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. The company is headquartered in Southern California.
Explore the complete 8-K earnings release (here) from Atara Biotherapeutics Inc for further details.
This article first appeared on GuruFocus.
