Atara Biotherapeutics Reports Q1 2024 Financials and Progress

Atara Biotherapeutics, Inc., renowned for its innovative T-cell immunotherapy, recently disclosed its financial outcomes for Q1 2024 alongside significant business updates and forthcoming milestones. Pascal Touchon, President and CEO, emphasized the promising advancements in their CAR T program, ATA3219, which leverages their allogeneic Epstein-Barr virus (EBV) T-cell platform to address both cancer and autoimmune diseases.

Atara is preparing to submit a Biologics License Application (BLA) for tabelecleucel (tab-cel®) in Q2 2024. This therapy targets Epstein-Barr virus positive post-transplant lymphoproliferative disease (EBV+ PTLD) in patients who have previously undergone at least one treatment. The submission will include data from over 430 treated patients, highlighting a significant 48.8% Objective Response Rate (ORR) and favorable safety profile from the pivotal ALLELE study.

The company’s collaboration with Pierre Fabre has also yielded substantial progress. In April, Atara received its first milestone payment connected to tab-cel’s regulatory progress in the United States, with potential for additional payments upon BLA acceptance and approval. The expanded global partnership could potentially bring Atara up to $640 million in future payments, alongside significant double-digit royalties on net sales.

For their ATA3219 program, Atara plans multiple clinical studies. In Q4 2024, they will commence a Phase 1 study for lupus nephritis (LN) with initial data expected in H1 2025. This study will assess the safety and efficacy of ATA3219 in systemic lupus erythematosus (SLE) patients with kidney involvement. Furthermore, a new cohort without lymphodepletion in severe SLE patients is set to start in Q4 2024, with clinical data anticipated in H2 2025. Additionally, a Phase 1 study in Non-Hodgkin’s Lymphoma (NHL) is currently enrolling participants, with initial data expected in Q4 2024.

Atara’s financials reveal a cash runway extending into 2027, which will support key pipeline developments. As of March 31, 2024, the company held $46.2 million in cash, cash equivalents, and short-term investments. Total revenues for Q1 2024 were $27.4 million, a notable increase from $1.2 million in the same period last year. This growth is primarily attributed to revenue recognized from their partnership with Pierre Fabre.

Their operational expenses have seen a reduction, with research and development expenses for Q1 2024 at $45.5 million, down from $62.2 million in Q1 2023. General and administrative expenses also decreased to $11.1 million from $13.9 million. The net loss for the quarter was $31.8 million, a significant improvement from the $74.8 million loss in the same period the previous year.

Looking forward, Atara anticipates full-year 2024 operating expenses to decrease by approximately 35% compared to 2023. This reduction is expected to begin in Q2 2024 and continue throughout the year. Their financial strategy includes anticipated milestone payments from Pierre Fabre, operational efficiencies from workforce reductions, and expected royalties from tab-cel sales post-BLA approval.

Atara Biotherapeutics continues to pioneer in the field of T-cell immunotherapy, with multiple studies and advancements on the horizon. Their commitment to developing off-the-shelf cell therapies aims to provide innovative solutions for challenging cancers and autoimmune diseases.