Atara Biotherapeutics(ATRA) - 2024 Q3 - Quarterly Results

Financial Performance - Atara Biotherapeutics reported total revenues of $40.2 million for Q3 2024, a significant increase of $38.1 million compared to $2.1 million in Q3 2023[4]. - Total revenue for the three months ended September 30, 2024, was $40,190,000, a significant increase from $2,138,000 for the same period in 2023, representing a growth of approximately 1,779%[13]. - Commercialization revenue for the nine months ended September 30, 2024, reached $96,187,000, compared to $3,697,000 for the same period in 2023, indicating a growth of about 2,500%[13]. - Atara reported a net loss of $21.9 million, or $2.93 per share, for Q3 2024, compared to a net loss of $69.8 million, or $16.40 per share, for the same period in 2023[4]. - Net loss for the three months ended September 30, 2024, was $21,909,000, compared to a net loss of $69,797,000 for the same period in 2023, showing an improvement of approximately 68.6%[13]. - The company reported a basic and diluted net loss per common share of $2.93 for the three months ended September 30, 2024, compared to $16.40 for the same period in 2023[13]. Cash Position and Expenses - The company has a cash position of $67.2 million as of September 30, 2024, up from $35.3 million as of June 30, 2024, including a $20 million milestone payment from Pierre Fabre[4]. - Net cash used in operating activities decreased to $4.0 million in Q3 2024 from $51.3 million in the same period in 2023[4]. - Atara expects a 35% reduction in full-year 2024 operating expenses compared to 2023, with most reductions already realized starting Q2 2024[5]. - Research and development expenses for Q3 2024 were $43.9 million, down from $56.9 million in Q3 2023[4]. - Research and development expenses for the three months ended September 30, 2024, were $43,924,000, down from $56,888,000 for the same period in 2023, a decrease of about 22.8%[13]. - Cash and cash equivalents rose to $46,453,000 as of September 30, 2024, compared to $25,841,000 at December 31, 2023, an increase of about 80%[12]. Assets and Liabilities - Total current assets decreased to $91,855,000 as of September 30, 2024, down from $101,869,000 at December 31, 2023, reflecting a decline of approximately 9.9%[12]. - Total liabilities decreased to $233,245,000 as of September 30, 2024, compared to $264,735,000 at December 31, 2023, a reduction of about 11.9%[12]. - Total current liabilities increased to $155,979,000 as of September 30, 2024, from $142,226,000 at December 31, 2023, an increase of approximately 9.7%[12]. - The company’s accumulated deficit increased to $(2,041,860,000) as of September 30, 2024, from $(1,969,150,000) at December 31, 2023[12]. Clinical Development - The biologics license application (BLA) for tab-cel is on track with a PDUFA target action date of January 15, 2025, and potential for an additional $60 million milestone payment upon FDA approval[2]. - The first patient has been dosed in the Phase 1 clinical study of ATA3219 for Non-Hodgkin's Lymphoma, with initial clinical data expected in Q1 2025[2]. - Atara plans to initiate a Phase 1 study of ATA3219 for Lupus Nephritis by the end of 2024, with initial data anticipated in mid-2025[2]. - The company is progressing towards an IND submission for ATA3431 in Q4 2025, targeting B-cell malignancies[2].