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Atara reports net losses of $73.5 million in Q1 2020

Atara Bio logo. Source: Atara Bio twitter.

Atara reported net losses of $73.5 million, or $1.20 per share, for the first quarter of 2020 as compared to $66.3 million, or $1.44 per share, for the same period in 2019, with the total operating expenses include non-cash expenses of $14.5 million for the first quarter 2020, as compared to $13.9 million for the same period in 2019.

SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–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

Operational

COVID-19 Response and Actions

Board and Executive Appointments

First Quarter 2020 Financial Results

About Atara Biotherapeutics

Atara Biotherapeutics, Inc. (@Atarabio) is 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. With our lead program in Phase 3 clinical development, Atara is the most advanced allogeneic T-cell immunotherapy company and intends to rapidly deliver off-the-shelf treatments to patients with high unmet medical need. Our platform leverages the unique biology of EBV T cells and has the capability to treat a wide range of EBV-associated diseases, or other severe diseases through incorporation of engineered CARs (chimeric antigen receptors) or TCRs (T-cell receptors). Atara is applying this one platform to create a robust pipeline including: tab-cel® (tabelecleucel) in Phase 3 development for Epstein-Barr virus-driven post-transplant lymphoproliferative disease (EBV+ PTLD); ATA188, a T-cell immunotherapy targeting EBV antigens as a potential treatment for multiple sclerosis; and multiple next-generation chimeric antigen receptor T-cell (CAR T) immunotherapies for both solid tumors and hematologic malignancies. Improving patients’ lives is our mission and we will never stop working to bring transformative therapies to those in need. Atara is headquartered in South San Francisco and our leading-edge research, development and manufacturing facility is based in Thousand Oaks, California. For additional information about the company, please visit atarabio.com and follow us on Twitter and LinkedIn.

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

(Unaudited)

(In thousands)

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

(Unaudited)

(In thousands, except per share amounts)

Three Monhs 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

Contacts

INVESTOR & MEDIA:
Media
Kerry Beth Daly

Head, Corporate Communications

Atara Biotherapeutics

516-982-9328

kdaly@atarabio.com

Investors
Eric Hyllengren

Vice President, Investor Relations and Finance

Atara Biotherapeutics

805-395-9669

ehyllengren@atarabio.com

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